C12-Chp-02-5C-Code Sec-Corp-Tax

C12-Chp-02-5C-Code Sec-Corp-Tax -...

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dba8e0a38f37508f9c483946a4989f5f34a764ec.xls Page 1 of 2 Citation Topic 11 a Rates on taxable income of corporations (Page 12) 11 b Tax rate on taxable income of personal service corp. 21+ Tax Credits 31 Credit for taxes withheld on wages (W-2) 53+ AMT credit and tax computation 61 Definition - gross income (other sections) (Page 111) 62 Definition - AGI 63 Taxable income is gross income less deductions 162 Deduction of regular business expenses 162 e No deduction for lobbying or political contributions 162 f No deduction for fines and penalties 162 k Stock reaquisition expenses 162 m $1,000,000 limit on compensation deduction. Exceptions 163 Deduction for interest expense 164 Deduction for taxes paid 165 Deduction for losses 166 Deduction for Bad Debts 167 Deduction for Depreciatioin 168 Accelerated cost recovery system 170 b 2 Corporate charity deduction - 10% of T.I. (before …. .) 170 c Types of charities qualifying for deductible contributions 170 d Carryover of excess contributions 170 e 1
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This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

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C12-Chp-02-5C-Code Sec-Corp-Tax -...

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