Question

a. The portion of income taxes expense that is deferred to future tax returns is credited...

a. The portion of income taxes expense that is deferred to future tax returns is credited to a noncurrent asset account entitled Deferred Income Taxes

TRUE OR FALSE

b. A corporation, like a partnership, must file a corporate income tax return and pay tax on its earnings

TRUE OR FALSE

c. For an individual taxpayer, the federal income tax rate on ordinary income is at least as high as the rate on capital gains

TRUE OR FALSE

D. Deferred tax asset (liability) is resulted from an adjustment from financial income to determine the taxable incomr and the adjustment is a permanent asjustment (will not reverse).

TRUE OR FALSE

E. For C corporations, there id no difference in the federal income tax benefit between ordinary income and capital gains since both types of income are taxed at the same federal income tax rare

TRUE OR FALSE

Homework Answers

Answer #1

a. The portion of income taxes expense that is deferred to future tax returns is credited to a noncurrent asset account entitled Deferred Income Taxes

FALSE

b. A corporation, like a partnership, must file a corporate income tax return and pay tax on its earnings

FALSE

c. For an individual taxpayer, the federal income tax rate on ordinary income is at least as high as the rate on capital gains

FALSE

D. Deferred tax asset (liability) is resulted from an adjustment from financial income to determine the taxable incomr and the adjustment is a permanent asjustment (will not reverse).

FALSE

E. For C corporations, there is no difference in the federal income tax benefit between ordinary income and capital gains since both types of income are taxed at the same federal income tax rate

TRUE

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For the current year, Eastern Atlantic Company reported income tax expense of $21,000. Income taxes payable...
For the current year, Eastern Atlantic Company reported income tax expense of $21,000. Income taxes payable at the end of the prior year were $19,000 and at the end of the current year were $20,000. The deferred tax liability classified as noncurrent that resulted from the use of MACRS for tax purposes and straight-line depreciation for financial reporting purposes increased from $21,000 at the beginning of the current year to $23,000 at the end of the current year. How much...
Answer the following true or false for each: 1. Partnerships file Federal partnership tax returns and...
Answer the following true or false for each: 1. Partnerships file Federal partnership tax returns and pay federal income taxes. 2. General partners have limited liability. That is, they can only lose their investment in the partnership and are not personally liable for partnership debts. 3. Limited partners can participate in management of the partnership. 4. Limited liability corporations may be treated as either a partnership or a corporation depending on what election is made, 5. Professionals such as accountants,...
The tax system From a corporation’s point of view, does the tax treatment of dividends and...
The tax system From a corporation’s point of view, does the tax treatment of dividends and interest paid favor the use of debt financing or equity financing? Debt financing Equity financing You bought 1,000 shares of Tund Corp. stock for $75.00 per share and sold it for $77.25 per share within the same year. How will your gain or loss be treated when you file your taxes? As a capital gain taxed at the current ordinary-income tax rate As a...
8. Is there a basic framework for state corporate income tax laws? A. No, each state...
8. Is there a basic framework for state corporate income tax laws? A. No, each state is completely independent and there is no such framework B. Yes, states are strictly prescribed by the U.S. Congress on how they can tax corporations C. None of the above 9. California and New York impose a franchise tax which is computed like a corporate income tax. Which of the following generate nexus for a franchise tax? A. Corporation does business in the state...
Analyzing and Interpreting Tax Footnote Under Armour, Inc. reports total tax expense on its income statement...
Analyzing and Interpreting Tax Footnote Under Armour, Inc. reports total tax expense on its income statement for year ended December 31, 2010 of $40,442 and cash paid for taxes of $38,773. The tax footnote in the company's 10-K filing, reports the following deferred tax information. Deferred tax assets and liabilities consisted of the following (in thousands): December 31 ($ thousands) 2010 2009 Deferred tax assets State tax credits, net of federal tax impact $ 1,750 $ -- Tax basis inventory...
Question 7 Excise taxes are different than income taxes because they are applied to tobacco and...
Question 7 Excise taxes are different than income taxes because they are applied to tobacco and alcohol purchases. Select one: True False Question 8 If you are a married taxpayer supporting a spouse with a very low income Select one: a. you must be the one to claim all tax credits. b. you are entitled to a dependent partner tax deduction. c. you are entitled to a spousal or common-law partner tax credit. d. your spouse will not be able...
Analyzing and Interpreting Tax Footnote Under Armour, Inc. reports total tax expense on its income statement...
Analyzing and Interpreting Tax Footnote Under Armour, Inc. reports total tax expense on its income statement for year ended December 31, 2010 of $40,442 and cash paid for taxes of $38,773. The tax footnote in the company's 10-K filing, reports the following deferred tax information. Deferred tax assets and liabilities consisted of the following (in thousands): December 31 ($ thousands) 2010 2009 Deferred tax assets State tax credits, net of federal tax impact $ 1,750 $ -- Tax basis inventory...
1. All of the following are characteristics associated with a sole proprietorship, EXCEPT: a. income and...
1. All of the following are characteristics associated with a sole proprietorship, EXCEPT: a. income and expense items are reported on Schedule C b. the owner cannot report passive losses on real estate investments on Schedule D c.​once calculated, its net income is reported on Form 1040 d.​the owner must pay self-employment taxes to fund both the Social Security and Medicare systems 2.​A sole proprietor is fully liable for the debts and obligations of the business. (True/False). 3.​Each partner in...
1. Per the article:  Fraudsters Beware: The Taxman Cometh, Proceeds from an embezzlement are considered income by...
1. Per the article:  Fraudsters Beware: The Taxman Cometh, Proceeds from an embezzlement are considered income by the IRS. True or False ? 2. Both spouses are always held liable for taxes and penalties if a joint return is filed and it is proven to be fraudulent. True or False ? 4. Per article Tax Fraud: The Pitfalls of Representing Clients Before the IRS, Any statement made by the client to his CPA tax return preparer is considered privileged communication. True...
1. The U.S. income tax was enacted by the _____ amendment to the Constitution. a.16th b.18th...
1. The U.S. income tax was enacted by the _____ amendment to the Constitution. a.16th b.18th c.2nd d.13th 2. Tax law is a tool used by government to: a.Raise revenue to run government b.Support research and development c.Further economic goals d.Encourage social objectives e.All of these choices are correct. 3. Entities required to report income to the IRS are: a.Partnerships b.Estates c.Trusts d.Corporations e.All of these choices are correct. 4. What is reported on Schedule A of Form 1040? a.Itemized...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • Suppose that the time (in hours) that Irene spends on an untimed final exam follows an...
    asked 5 minutes ago
  • The following sample observations were randomly selected. (Round intermediate calculations and final answers to 2 decimal...
    asked 18 minutes ago
  • what type of graph is best suitable for data obtained from customer ratings. The ratings are...
    asked 22 minutes ago
  • Determine the cumulative 15-year 18 kip ESAL’s in the design lane for 2-lane highway for the...
    asked 29 minutes ago
  • Q: Dr.Grimace, the evil dentist, is trying to find out if his patients suffer from periodontal...
    asked 29 minutes ago
  • After collecting data on 19283 dogs, you find that male vallhunds have an average weight of...
    asked 31 minutes ago
  • Research Target Corporation and assess your satisfaction with the company you researched and make recommendations about...
    asked 32 minutes ago
  • Evidence suggests that 70% of FSU students like turtles. Suppose we randomly sampled 15 FSU students....
    asked 32 minutes ago
  • Ulrich challenges the appropriateness of the nearly universal symbolism of the spinning wheel as the marker...
    asked 33 minutes ago
  • Differential Equations: Please try to computer type, if not possible be clear and organize. Thank you...
    asked 33 minutes ago
  • In your opinion, what are the three (3) most important benefits an employer can give to...
    asked 39 minutes ago
  • In a test of the effectiveness of garlic for lowering​ cholesterol, 81 subjects were treated with...
    asked 42 minutes ago