Avian Corporation Form 1120 Project suggestions (2).docx

Avian Corporation Form 1120 Project suggestions (2).docx -...

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Avian Corporation Form 1120 Project Suggestions on how to approach this project. There are 2 parts to the project. The first part is primarily financial accounting. For the first part, 1. Calculate NIBT (per books). Use the trial balance provided. 2. Determine the book and tax differences. Read carefully the accompanying files! 3. Calculate taxable income as we have done in class; i.e., begin with NIBT (since you don’t yet know book tax expense, you can’t start with Net Income and add back book tax expense at this point ) and add and subtract the differences. When you have done this, you will know your figure for taxable income and you can calculate the tax return tax liability. 4. Determine if each difference is a permanent or temporary difference. 5. You can now determine the book basis adjusting entry for tax expense. Remember that book tax expense is equal to the appropriate tax rate times the subtotal of NIBT plus or minus the permanent book to tax differences.
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  • Fall '16
  • Ryan
  • Balance Sheet, Taxation in the United States, Generally Accepted Accounting Principles, book tax expense, Avian Corporation

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