Question

Taxes and licenses paid
Particulars				Amount
Federal income tax expense				278,388
Other taxes expense				62,160
Property tax expense				44,400
State income tax expense				72,150
Total Taxes and licenses paid				457,098

find the following

1) Amount that Need to consider in Form 1120 under line no 17 Taxes and licenses.

2) Amount that Need to consider in Form 1120 under line no 33 Total payments, credits, and section 965 net tax liability.

Answer 1

1 ) Amount that Need to consider in form 1120 under line 17 taxes and licenses are other than federal income tax and state income tax.

Other tax expense. = 62160$

Property Tax expense. = 44400$

Total amount in line no 17. = 106560$

2 ) Amount that need to be considered in line no 33 of form 1120 are federal income tax and state income tax

  

Federal income Tax. = 278388$

State Income Tax. = 72150$

Total Amount in line no 33. = 350538$