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NNADVOKAT [17]
2 years ago
13

As of December 31, 20X14, Eliot Corp. has net income per books of $100,000, which includes municipal bond interest of $4,000, a

deduction for business meals of $5,000, a deduction for a net capital loss of $5,000, and a deduction for federal income taxes of $22,000. What is Eliot Corp.'s current earnings and profits (Current E&P) for 20X14?a. $0b. $98,500c. $107,500d. $125,500e. $102,500
Business
1 answer:
muminat2 years ago
5 0

Answer:

Option (e) is correct.

Explanation:

Taxable Income:

= Net income per book - municipal bond interest + deduction for business meals + deduction for a net capital loss + deduction for federal income taxes

= $100,000 - $4,000 + 50% of $5,000 + $5,000 + $22,000

= $125,500

Eliot Corp.'s current earnings and profits (Current E&P) for 2014:

= Taxable Income + municipal bond interest - deduction for federal income taxes - deduction for a net capital loss

= $125,500 + $4,000 - $22,000 - $5,000

= $102,500

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Option A is incorrect . Same as option B.

Option D is also incorrect

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3 years ago
I want to start a new business. Ideas?
Aleks04 [339]
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5.) Make a card for it and tell people about it. For the child abuse example. (Sprinkle a little dramatic facts  then tell them what you do to help stop that just to get people intrested and wanting to help.)

6.) Then you can take it from there to get more and more people into your business.

To number 5, I forgot what that trick is but it is when you scare someone by something you told them then dis alarming them by telling the good side. You can basically get anyone to do or say yes to anything you want.

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2 years ago
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