User Account

All Pages

Calculate tarass incs tax liability for 2013

Assignment Help Taxation
Reference no: EM13339276

Corporation Special Situations and Organization Structure

Tarass Inc. is an accrual-method calendar-year corporation. Tarass, Inc. did not qualify for the domestic production
activities deduction. The following information has been provided about the activities occurring in 2013:

Reported on the financial statement - income after taxes  $2,585,000
Life insurance proceeds from CFO's death  $100,000
Revenue from sales  $3,500,000
Key-person life insurance policies premium  $15,000
Cost of goods sold (reported on book)  $275,000
MACRS depreciation  $65,000
Book depreciation  $440,000
AMT depreciation  $60,000
Interest income on private activity tax-exempt bonds  $25,000
Interest paid on loan to purchase tax-exempt bonds  $25,000
Net capital loss  $35,000
Rental income received and earned in 2013  $5,000
Rental income received in 2012 but earned in 2013 $10,000
Rental income received in 2013 but not earned  $5,000
Overhead costs expensed for financial reporting but are included in ending inventory for tax purposes under 263A  $45,000
Overhead costs expensed for financial reporting in 2012 but included in 2012 ending inventory. All 2012 ending inventory was sold in 2013.  $0
Charitable contributions  $315,000
Federal income tax expense reported on financial statements  $350,000

Using the information provided, complete the following tasks:

1. Using Excel, prepare a reconciliation of book income and tax income. Set up the Excel spreadsheet using the example below:

1523_Corporation Special Situations and Organization Structure.png

2. Calculate Tarass Inc.'s tax liability for 2013. The calculation must be shown to receive full credit.

3. Calculate Tarass Inc.'s alternate minimum tax for 2013, if any applies. The calculation must be shown to receive full credit.

Reference no: EM13339276

Questions Cloud

Compute the alberts net tax payable for 2011 : Compute the Alberts net tax payable for 2011 and the Alberts would like to know how much the mortgage payments would increase net of any change in their income tax.
Estimate the amount of mass of meteoroids per year : The meteoroid that creates a meteor has a typical mass of about 1 g (and burns up about 100 km above the Earth's surface). Estimate the amount of mass of meteoroids that enters the Earth's atmosphere per year
Test a function hydroxide that takes a chemical formula : Write and test a function hydroxide that takes a chemical formula as a parameter and returns True if the chemical is a hydroxide (i.e. ends in OH).
Determine the power supplied to the bulb : The hot resistance of a flashlight bulb is 2.20 , and it is run by a 1.53 V alkaline cell having a 0.100 internal resistance. Calculate the power supplied to the bulb using I2Rbulb
Calculate tarass incs tax liability for 2013 : Calculate Tarass Inc.'s tax liability for 2013. The calculation must be shown to receive full credit and calculate Tarass Inc.'s alternate minimum tax for 2013, if any applies. The calculation must be shown to receive full credit.
Write a program that takes data a line at a time : Write a program that takes data a line at a time and reverses the words of the line
Which setting will make the subject look the largest : A zoom lens has a focal length that varies from 30 to 200 mm. Which setting will make the subject look the largest Which setting will include the widest angle of field
What f-stop number should be used under light conditions : If f8 and 1/125 s gives the proper exposure, what f-stop number should be used with 1/500 s under the same light conditions
Write a java program to read the numbers from the disk file : Write a Java program to read the numbers from the disk file and store them in an integer array ( not an ArrayList ).

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd