a. Taxable income of $1,000,000 b. Paid federal income taxes of $210,000 c. Capital gain from...

a. Taxable income of $1,000,000 b. Paid federal income taxes of $210,000 c. Capital gain from sale of investments, $150,000; loss on sale of land held for investment, $200,000 d. Section 179 expenses of $300,000 e. Gain on sale of equipment: $50,000 in proceeds, with an original cost of $75,000. Accumulated depreciation for tax purposes was $30,000 and accumulated depreciation for E&P purposes was $40,000. f. Decrease in LIFO recapture of $5,000 g. Charitable contribution limited modified taxable income was $200,000 for tax, and actual charitable contributions were $15,000. Wallon, Inc. had a charitable contribution carryover of $6,000 from 20X2. Compute the company's current E&P for 20X3. If any of the options below are not applicable, leave blank.

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Assumed that charitable contribution of 2012 ($6000) is not paid during the year 2013

ekkarill92 answered 2 years ago

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