33. LO.4 In 2013, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing

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33. LO.4 In 2013, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing plan. During 2013, Magenta Corporation contributed $13,200 to the plan.

a. Calculate Magenta’s deductible amount for 2013.

b. Calculate the amount of any contribution carryover from 2013.

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South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts

ISBN: 9781285424484

37th Edition

Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young

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Question Posted: Sep 06, 2024 11:01 AM

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33. LO.4 In 2013, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing

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South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts

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