Solution-Depreciation deducted on tax return

Depreciation deducted on tax return

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Reference no: EM13343129

-Scarlet Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.

Federal income taxes paid	$55,000
Net operating loss carryforward deducted currently	35,000
Gain recognized this year on an installment sale from a prior year	22,000
Depreciation deducted on tax return (ADS depreciation would have been $5,000)	20,000
Interest income on Iowa state bonds	4,000

Scarlet Corporation's current E & P is:

a. $127,000.
b. $107,000.
c. $97,000.
d. $57,000.
e. None of the above.

Reference no: EM13343129

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Depreciation deducted on tax return

Reference no: EM13343129

Reference no: EM13343129

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