Question
16. Alpha Corporation is a C corporation (not a personal services corporation) with 2021 taxable income of $200,000. Alpha's tax is a. $0. b. $39,000.
16. Alpha Corporation is a C corporation (not a personal services corporation) with 2021 taxable income of $200,000. Alpha's tax is
a. $0.
b. $39,000.
c. $42,000.
d. $61,250.
17. Gamma Corporation is an S corporation with 2021 taxable income of $200,000. Gamma's tax is
a. $0.
b. $39,000.
c. $42,000.
d. $61,250.
18. Beta Corporation had a 2017 net operating loss (NOL) of $100,000. Betas income and loss for other years follow:
| Year | Income or |
| 2015 | $20,000 |
| 2016 | $35,000 |
| 2018 | $15,000 |
| 2019 | $300,000 |
How much of Betas 2017 NOL is available for carryover to 2019?
a. $0.
b. $30,000.
c. $88,000.
d. $100,000.
19. Beta Corporation has a 2021 net operating loss (NOL) of $100,000. Betas income and loss for other years follow:
| Year | Income or |
| 2019 | $20,000 |
| 2020 | $35,000 |
| 2022 | $15,000 |
| 2023 | $300,000 |
How much of Betas 2021 NOL is available for carryover to 2023?
a. $0.
b. $30,000.
c. $88,000.
d. $100,000.
20. Ostrich Corporation had $200,000 operating revenue and $140,000 operating expenses during the year. In addition, Ostrich had a $12,000 net capital loss. Compute Ostrich's taxable income for the year.
a. $48,000.
b. $57,000.
c. $60,000.
d. $72,000.
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Horngrens Cost Accounting A Managerial Emphasis
Authors: Srikant Datar, Madhav Rajan
16th Global Edition
1292211547, 9781292211541
