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Lana71 [14]
3 years ago
10

On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal income tax expense of $570,

000. On its year 1 tax return, it reported a tax liability of $650,000. During year 1, Seatax made estimated tax payments of $700,000. What book-tax difference, if any, associated with its federal income tax expense should Seatax have reported when computing its year 1 taxable income? Is the difference favorable or unfavorable? Is it temporary or permanent?
Business
1 answer:
Nookie1986 [14]3 years ago
7 0

Answer: $570000

Explanation:

The book-tax difference, that's associated with its federal income tax expense that Seatax should have reported when computing its year 1 taxable income will be $570000.

It should be noted that the $570000 for the book tax difference is permanent as it isn't reversible for.the next fiscal period.

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3 years ago
Prior to the closing, one final inspection should take place. This is also known as the final what?
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Prior to the closing, one final inspection should take place. This is also known as the final walk through.

<h3>What is walk through inspection?</h3>

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A buyer and their real estate agent will tour the house together during the walkthrough. They'll make sure there isn't any fresh damage, that all of the house's systems and appliances that are included in the sale are still in good functioning order, and that the house is clean.

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The objectives of a walk-through are as follows: By involving stakeholders from both inside and outside the software discipline, you can gather information about the subject of the document. Describe and explain the document's contents. Obtain agreement on the document as a whole.

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D. $ 600,000

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