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At the beginning of 2010; Tigrob, Inc. had a deferred tax asset of $4,000 and a deferred tax liability of $6,000. Pre-tax accounting income for 2010 was $300,000 and the enacted tax rate is 40%. The following items are included in Tigrob's pre-tax income: Interest income from municipal bonds $24,000 Accrued warranty costs, estimated to be paid in 2011 $52,000 Operating loss carryforward $38,000 Installment sales revenue, will be collected in 2011 $26,000 Prepaid rent expense, will be used in 2011 $12,000 Determine the ending balance in Tigrob, Inc's deferred tax liability at December 31, 2010. Show all computations
Sandy and Louis Roman filed a joint income tax return for 2010. For each of the items or events listed below, indicate which are includible in gross income by checking the boxes next to those that are includible.
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the cost was $100,000. At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's net income?
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