Bulldog Incorporated is a Georgia corporation. It properly included, deducted, or excluded the following items on its
Question:
Bulldog Incorporated is a Georgia corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year:
Item ________________________________Amount ____________Federal Treatment
Georgia Income Taxes ............................ $25,496 ............... Deducted on federal return
Tennessee Income Taxes ...................... $13,653 ............... Deducted on federal return
Washington Gross Receipts Tax ............. $3,105 ............... Deducted on federal return
Georgia Bond Interest ........................... $10,000 ............. Excluded from federal return
Federal T-Note Interest .......................... $4,500 ................. Included on federal return
Domestic Production Act. Ded. (DPAD) .... $15,096 .............. Deducted on federal return
Use Georgia's Corporate Income Tax Form 600 and Instructions to determine what federal/state adjustments Bulldog needs to be made for Georgia. Bulldog's federal taxable income was $194,302. Calculate its Georgia state tax base. Complete Schedule 1, Page 1, of Form 600 for Bulldog.
Step by Step Answer:
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver