346Hwk12ans.xls - Intro The worksheets that follow provide pro forma workpapers to help you solve the assigned homework problems They organize your

346Hwk12ans.xls - Intro The worksheets that follow provide...

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Unformatted text preview: Intro The worksheets that follow provide pro forma workpapers to help you solve the assigned homework problems. They organize your solution in a manner that is consistent with the analytical methods that we discuss in class and allow you to focus on the technical issues, rather than workpaper techniques and computer skills. However, you must continuously analyze the organization of the solution and the answers that you receive, as you work the problems. That is the only way that you will learn the skills and techniques that you will need for your long-term success. Click on the appropriate tab below to move to the worksheet for the homework problem that you want to work on. Once you have completed the assignment, save the file to your computer, then submit it in the manner specified in the course syllabus. NOTE: Cells with red dots in them contain notes that provide additional information about the cell contents. Double click on those cells to read the notes. Also, you need enter information only in the cells that are highlighted in bright yellow. Page 1 Intro Page 2 Problem 17-37 Part a Net short-term capital $15,000 Net long-term capital ($105,000) Excess Gain <Loss> ($90,000) Excess Loss Deductible in Current Year $0 Amount to Carryover ($90,000) Part d $15,000 ($105,000) ($90,000) $3,000 ($87,000) Check Figure Part b reported Amount of "deductible" carryback (if any) Net capital gain per year, after carryback ($87,000) 2012 $40,000 $40,000 2013 $18,000 2014 $25,000 2015 Total $20,000 $103,000 ($18,000) ($25,000) ($20,000) ($63,000) $0 $0 $0 $40,000 Problem 17-41 If Contributed in 2016: 2016 Taxable income for determining charitable contributions deduction Charitable contributions limitation percentage Charitable contributions limitation amount Check figures (two year total contributions deduction) Carryovers to post-2017 tax periods 2017 $ 1,000,000 $ 1,200,000 10% 10% $ 100,000 $ 120,000 Deduction of current year contributions $ Deduction of carryforward $ Charitable contributions deduction- current year $ If Contributed in 2017: 100,000 - $ 100,000 $ 120,000 120,000 $ $ 2016 2017 $ 1,000,000 $ 1,200,000 10% 10% $ 100,000 $ 120,000 $ $ $ - $ 75,000 $ 75,000 $ 120,000 120,000 220,000 $ 195,000 30,000 $ 130,000 Problem 17-50 Check Figures Net income per Books Plus: Expenses deducted for book, not deductible for tax; revenues excluded from book, includable for tax FIT per books Excess capital losses for tax Interest paid to carry exempt bonds Non-deductible meals and entertainment Subtotal Minus: Expenses not deducted for book, deductible for tax; revenues included in book, excludible for tax Tax exempt interest Excess of MACRS over book depreciation Taxable Income $ 174,100 86,600 9,400 1,100 5,500 276,700 (4,500) (7,200) $ 265,000 $265,000 ...
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  • Spring '13
  • WILSON
  • Accounting, Taxation in the United States, $18,000 2014, $25,000 2015, $40,000 2013, $ 195,000 30,000

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