Reference no: EM13154930

. Lass Corporation reports a $25,000 net capital loss this year. The corporation reports the following net capital gains during the past three years. Year Net Long-Term Capital Gain Net Short-Term Capital GainThird previous yearYear before lastLast year $5,000 7,000 -0- $6,000 3,000 -0- Determine the amount of net capital loss carried back to each preceding tax year and the amount of capital loss, if any, available as a carryforward. 

Question 3.3. Evans Corporation has a $15,000 net capital loss in 2009. The corporation reported the following capital gain net income during the past three years. Identify which of the following statements is true. YearCapital Gain 2006$10,000 2007 11,000 2008 5,000 
The loss is used to offset $3,000 of the current year ordinary income, all of the year 2007 capital gains and $7,000 of the year 2008 net gain.
The loss is used to offset the $11,000 of the 2007 gains and then carried back to offset $4,000 of the year 2006 net gain.
The loss is used to offset the year 2006 net gains, then $5,000 of the year 2007 net gains.
The loss is used to offset the gains from 2006 and then carried back to offset $10,000 of the gains in 2007.


Question 4.4. Trail Corporation has gross profits on sales of $140,000 and deductible expenses of $180,000. In addition, Trail has a net capital gain of $60,000. Trail's taxable income is 
$20,000 loss.
$60,000.
$20,000.
$40,000 loss.


Question 5.5. Which of the following items is a temporary difference between tax income and financial accounting income? 
Production activities deduction.
Dividends-received deduction.
Depreciation.
Proceeds on life insurance on a key executive.

Question 6. 6. Access Corporation, a large manufacturer, has a taxable income of $16,000,000. Access Corporations's tax is 

Question 7.7. Identify which of the following statements is true.
A newly formed corporation must select its basic accounting method.
A corporation is a separate taxpaying entity that must file a tax return annually.
The terms "regular corporation" and "C corporation" are synonymous.
All of these choices are correct.


Question 8.8. Davis Corporation, a manufacturer, has taxable income of $150,000. Davis's regular tax liability is 
$41,750.
$34,000.
$15,000.
$35,000.

Question 9. 9. Jackel, Inc. has the following information for the current tax year. Gross sales $350,000 Cost of goods sold 50,000 Dividends received(10%)40,000 Operating expenses 30,000 Charitable contributions 45,000 What is Jackel's charitable contribution deduction?