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The following items caused the only differences between pretax financial income and taxable income.• In 2013, the company collected $90,000 of rent; of this amount, $30,000 was earned in 2013; the other $60,000 will be earned equally over the 2014-2015 period. The full $90,000 was included in taxable income in 2013.• The company pays $5,000 a year for life insurance on officers.• In 2014, the company terminated a top executive and agreed to $60,000 of severance pay. The amount will be paid $20,000 per year for 2014-2016. The 2014 payment was made. The $60,000 was expensed in 2014. For tax purposes, the severance pay is deductible as it is paid.• The enacted tax rates existing at December 31, 2013 are 35% for 2013 and 40% for 2014 and beyond.
REQUIRED:(a) Determine taxable income for 2013 and 2014.(b) Compute the total deferred tax asset / (liability) at the end of 2013 and 2014.(c) Prepare the journal entry to record income taxes for 2013 and 2014.(d) Compute net income for 2013 and 2014.(e) Compute the effective income tax rate for 2013 and 2014.
Miguel receives tangible personal property as an inheritance in 2011. The property was depreciated by the deceased (Miguel's father), and Miguel will also depreciate it. At the dat
Given the following set of facts, what is the net amount of cash received by the seller ? The seller records a credit sale for $1,000. Shortly after the sale, the buyer retu
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A client of Investment Advisor Associates (IAA), Gillian Bissett, has recently won $5 million in the lottery and has asked for investment advice. She has indicated that she would l
a. What are the short-term and long-term market reactions after an IPO? What are the potential reasons for these returns? b. How do you explain the lack of IPO activity in the U
Complete the following problems located in Taxation of Individuals and Business Entities: • Comprehensive Problem 67 (Ch. 5) using Microsoft Excel, except prepare the computations
Cecil C. Seymour is a 646-year-old widower. He had income for 2013 as follows: Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest inco
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A and B are unrelated individuals. A forms Newco Inc. on January 2 of the current year by transferring property with a basis of $10,000 and a value of $50,000 for all 50 shares of
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