Mamey, Inc. had taxable income of $138,500 in 2020. What is the income tax expense for the year 2020? a. $29,085 b. $25,623 c. $34,625 d. $27,700
Select the best answer to the tax credit and corporate and
Mamey, Inc. had taxable income of $138,500 in 2020. What is the income tax expense for the year 2020?
a.
$29,085
b.
$25,623
c.
$34,625
d.
$27,700
Which of the following items might not generally appear on the Schedule M-1 reconciliation
a.
Exempt interest income
b.
Meal expenses
c.
Office material expenses
d.
Federal income tax expense
Cubey Industries, Inc. has a net book income of $76,100. For the year it had an income tax expense of $18,900. During the year Cubey received pandemic exempt income of $5,000 and had total food expense of $1,000 on books. What is the result of the Schedule M-1 reconciliation per Schedule line 10.
a.
$81,600
b.
$90,500
c.
$95,500
d.
$95,000
The net operating losses (NOLs) that a corporation has available to be used against taxable income for the year 2020 are subject to
a.
A limitation of 90% of taxable income
b.
A limitation of 80% of taxable income
c.
No limitation for the years 2020 and thereafter
d.
A limitation of 65% of taxable income
Net operating losses (NOLs) that were generated prior to taxable year 2018 can be carried against taxable income
a.
Five-year carryback and twenty-year carryforward.
b.
Five-year carryback and indefinite carryforward.
c.
Two years "Carryback" and twenty years "Carryforward".
d.
Two years "Carryback" and indefinitely "Carryforward" d. Two years "Carryback" and indefinitely "Carryforward".
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