Question
Alex's sole proprietorship had the following characteristics: Revenue of $220,000 Expenses that included the following: Payment to a Software Consultant ($10,000), Office Supplies ($5000), Reflooring
Alex's sole proprietorship had the following characteristics:
Revenue of $220,000
Expenses that included the following: Payment to a Software Consultant ($10,000), Office Supplies ($5000), Reflooring the office ($15,000), Purchasing online banner ads ($25,000).
A foreign tax credit of $13,000 for tax paid in the UK
Assuming Alex's tax rate is 35%, what is his tax liability?
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Accounting Information And Equity Valuation Theory, Evidence, And Applications
Authors: Guochang Zhang
1st Edition
1461481597, 9781461481591
