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Katarina [22]
3 years ago
5

Matulis, Inc., a calendar year C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000.

Matulis holds a positive E & P balance. The entity elects S corporation status for 2020 and then sells the asset. Compute the corporate-level bt1ilt-in gains tax that mt1st be paid by Matulis.
Business
1 answer:
Talja [164]3 years ago
3 0

Answer:

$99,750

Explanation:

Matulis's taxes are = (asset's fair market value - asset's basis) x corporate tax rate = ($800,000 - $325,000) x 21% = $475,000 x 21% = $99,750

Since the C corporation is turning into a S corporation it must recognize the gain on holding the asset. The Tax Cuts and Jobs Act set the corporate tax rate at 21%.

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Explanation:

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Research suggests that the most important determinant of new product success is:
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Read 2 more answers
Typical Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2017, when the tax rate was 40%. T
Alex_Xolod [135]

Answer:

Income tax expense (Balancing figure) $13,200,000  

          To Deferred tax liability (8% × $15,000,000)  $1,200,000

          To Income tax payable ($30,000,000 × 40%)  $12,000,000

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Explanation:

The compound journal entry is shown below:

Income tax expense (Balancing figure) $13,200,000  

          To Deferred tax liability (8% × $15,000,000)  $1,200,000

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(Being the income tax expense is recorded)

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6 0
3 years ago
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mamaluj [8]

Answer:

Option A is correct

Explanation:

The 2 Option are:

<em>i. The firm Delta Insurers typically affirms claims within 120 days after it receives proof of loss statements </em>

<em>ii. The firm Delta Insurers typically denies claims within 120 days after it receives proof of loss statements.</em>

<em />

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