1. -Compute Bug’s Federal Income Tax for the year ended December 31, 2019. Please show your calculation.
2. -Compute Bugs’s Business Interest Deduction. Please show your calculation.
3. -Compute Bugs’s Earnings and Profits for the year ended December 31, 2019. Please show your calculation.
    
    
    
    

Corporate and Partnership Taxation ACT 3462/4462 1. General knowledge of income inclusion, deductible expenses, accounting periods and methods 2. Ability to compute gains and losses including computation of amount realized, effect of debt and ability to compute basis. 3. Definition of capital and 1231 gains and losses 4. Effect of capital gains and losses both long term and short term 5. Effect of 1231 gains and losses 6. Definition of charitable contributions 7. MACRS depreciation 8. 1245 recapture 9. Effect and operation of the passive loss rules 10. Self-employment tax