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Deferred Tax Liability
Teancum Inc. began operating on January 1, 2008. At the end of the first year of operations, Teancum reported $600,000 income before income taxes on its income statement but only $510,000 taxable income on its tax return. Analysis of the $90,000 difference revealed that$50,000 was a permanent difference and $40,000 was a temporary tax liability difference related to a current asset. The enacted tax rate for 2008 and future years is 35%.
1. Prepare the journal entries to record income taxes for 2008.
2. Assume that at the end of 2009, the accumulated temporary tax liability difference related to future years is $80,000. Prepare the journal entry to record any adjustment to deferred tax liabilities at the end of 2009.
a. Determine Elizabeth's taxable income for 2014
Fees related to the lodgment of Leighton's income tax return ($300) and the advice regarding the sale ($400). Advise Leighton as to whether the $700 paid to his accountant is deductible for income tax purposes.
imagine that you are a certified public accountant cpa with a new client who needs an opinion on themost advantageous
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