86%(22)19 out of 22 people found this document helpful
This preview shows page 9 - 11 out of 11 pages.
For the tax year, Beta Corporation had net income per books of $76,000, tax-exempt interest of $4,000, excess contributions of $2,000, meals in excess of the 50% limitation of $8,000, and federal income taxesof $18,000. What is the amount of Beta Corporation’s taxable income as it would be shown on Schedule M-1 of its corporate income tax return?..
Orson Corp. had an E&P deficit of $160,000 at December 31, 2016. Its net income per books was $80,000 for 2017. Cash dividends on common stock totaling $40,000 were paid in December 2017. Orsonshould report the distribution to its shareholders as Ordinary dividends 100%.This answer is correct.
Book depreciation in excess of allowable tax depreciation2,000Based on the above facts, what is the amount of A’s taxable income?.