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Alex Ar [27]
3 years ago
7

During 2019, its first year of operations, Bento Steel Corporation reported a net operating loss of $500,000 for financial repor

ting and tax purposes. Bento carryforward the NOL. Assuming 2020 pretax accounting income and taxable income is $100,000. The enacted tax rate is 25% for both years. The amount of net income reported in 2020 income statement would be:
Business
1 answer:
erastovalidia [21]3 years ago
8 0

Answer:

The amount of net income reported in 2020 income statement would be $75,000.

Explanation:

Pretax accounting income for 2020 = $100,000

Income tax expense for 2020 = Current tax + Reversal of Deferred tax assets

= ($100,000 - $100,000)*25% + ($100,000*25%)

= $25,000

Amount of net income reported in 2020 income statement = Pretax accounting income - Income tax expense

= $100,000 - $25,000

= $75,000

Therefore, The amount of net income reported in 2020 income statement would be $75,000.

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Tyson is a 25% partner in the KT Partnership. On January 1, KT distributes $16,000 cash, inventory with a $16,000 fair value (in
Marianna [84]

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D) $8,000 inventory, $0 land

Explanation:

Tyson's basis in the distributed inventory and land will be $8,000 inventory, $0 land

Because he initially first allocates his outside basis to the assets distributed which is in an amount that is equal to KT's basis which is ($20,000 cash and $8,000 land).

Therefore this results in a required decrease of $0 due to the basis he reduces in the land by the required decrease, which thereby results in a basis of $0 to the land.

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A description of what the company is capable of becoming is referred to as A. strategic mission. B. strategic flexibility. C. st
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Answer:

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Explanation:

Strategic vision -

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The strategic can be short as well as long term , depending on the time period of the project .

Hence , from the given information of the question,

The correct option is C. strategic vision .

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B = Age and life cycle stage but not too sure

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