Answer:
Built-in gains tax is $13,020
.
Explanation:
The built-in gains tax is one levied against an S corporation that used to be a C corporation, or received assets from a C corporation.
Here,
Gain= $80,000
Loss= $10,000
Holds= $8,000
Income= $65,000
Corporate tax= 21%
To calculate the built-in gains tax, we will need to calculate the net gain of the corporation and multiply it by the tax rate.
= Built-in-gain - built-in-loss - unexpired NOL
80,000 - 10,000 - 8,000 = 62,000
Then
62,000 x 0.21 tax rate = 13,020
= 13,020
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Answer:
B. expressed as a percentage of sales.
Explanation:
The common size income statement is the income statement where n each line the item on the income statement should be expressed as a percentage of sales
In the given options, the option B is correct as it shows that the depreciation would be expressed in sales percentage
Therefore all other options are wrong
Explanation:
The overall amount of a government's finished product of any and all additional goods produced and services provided with one year is national revenue. The guiding principle for economics and finance is recognizing how national income is produced.
