Unformatted text preview: that only $20,000 of the interest paid is currently deductible. That is, a $20,000 deduction • is more likely than not of being sustained on audit, based on the technical merits of the position, and • is the largest amount of benefit cumulatively greater than 50% likely to be realized. Assume Miller’s tax rate is 35% Required : (1) Compute Miller’s 2009 taxable income. (2) Prepare the journal entry (or entries) to record Miller’s income taxes for 2009....
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This note was uploaded on 03/04/2010 for the course TAX 6845 taught by Professor Kelliher,c during the Fall '08 term at University of Central Florida.
- Fall '08