Congress recently enacted an non refundable credit based on

Assignment Help Accounting Basics

Reference no: EM13586561

Congress recently enacted an non refundable credit based on the cost of the qualifying alcohol and drug abuse counseling programs provided by and corporate employer to its employees . The credit is limited to 50 % of the total cost of the program .if a corporation elects the credit, none of the program costs are allowed as a deduction. Any credit in excess of current year tax may not be carried back to forward to another year.

A. TMM Corporation spent $ 80,000 for a qualifying counseling program this year .if TMM has $ 500,000 taxable income before considering this expense .should it elect the credit or deduct the program's cost as an ordinary business expense?
B. Would your answer change if TMM had only $ 70,000 taxable income before consideration of the expense?

Reference no: EM13586561

Questions Cloud

What is the maximum torque that can be obtained with the : the plane of a 5.0 cm x 8.0 cm rectangular loop of wire is parallel to a 0.19-t magnetic field. the loop carries a

When the current in solenoid i is 652 a the average flux : question two toroidal solenoids are wound around the same form so that the magnetic field of one passes through the

Payroll accounting assume that the following tax rates and : payroll accounting. assume that the following tax rates and payroll information pertain to brookhaven publishing middot

Serena operates a lawn maintenance service in southern : 1. serena operates a lawn maintenance service in southern california. as most of her employees are itinerant they are

Congress recently enacted an non refundable credit based on : congress recently enacted an non refundable credit based on the cost of the qualifying alcohol and drug abuse

A 150-cm-iong solenoid with radius 250 cm is closely wound : a 15.0-cm-iong solenoid with radius 2.50 cm is closely wound with 600 turns of wire. the current in the windings is

Explain your strategy for solving the problem explain why : you are playing texas holdem against one other opponent.your two down cards are 6 of diamonds amp 7 of diamonds.the

Stones manufacturing sells a marble slab for 1000 fixed : stones manufacturing sells a marble slab for 1000. fixed costs are 30000 while the variable costs are 400 per slab. the

Identify derivatives investments foreign exchange : identify derivatives investments foreign exchange investments bank investments or a combination of them for the firms

User Account

All Pages