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51. EFG Inc. reports the following financial information for its FY 2021. EFG's fiscal year is the calendar year. Net Revenues All Expenses before
51. EFG Inc. reports the following financial information for its FY 2021. EFG's fiscal year is the calendar year. Net Revenues All Expenses before Depreciation Depreciation Expense Accounts Receivable 1/1 Accounts Receivable 12/31 Effective Tax Rate $10 million $4 million $800,000 $1.2 million $1.4 million 20% EFG is a cash basis taxpayer. It has a net operating loss from earlier tax years of $500,000, EFG has no other reportable relevant financial information. What is EFG's income for FY 2021 per its income statement? What is EFG's taxable income for FY 2021 as per its tax return? What will EFG report as income tax expense for FY 2021 on its income statement? What will EFG show as a deferred tax liabilities and/or deferred tax assets on its books for FY 2021?
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