DETERMINE: a. Determine the net income (loss) before donations for the corporation as of December 31, 2020, using the table to reconcile the items presented in the statement of income and expenses, from a financial accounting basis to tax accounting. b. Determine and compute the special deductions to be claimed before the net taxable income or net operating loss. c. Determine the income tax payable or applicable refund from the corporation. Assume that the Alternative Minimum Tax is $ 0.

with the information already provided IN ENGLISH, DETERMINE:

a. Determine the net income (loss) before donations for the corporation as of December 31, 2020, using the table to reconcile the items presented in the statement of income and expenses, from a financial accounting basis to tax accounting.

b. Determine and compute the special deductions to be claimed before the net taxable income or net operating loss.

c. Determine the income tax payable or applicable refund from the corporation. Assume that the Alternative Minimum Tax is $ 0

the details are in english!! there is nothing in spanish, please read carefully again and let me know

Aloft Beyond, Corp., es una corporacin con fines de lucro debidamente organizada en el 2014 bajo las leyes de Puerto Rico. Sus accionistas, Jos y Mara, ambos poseen el 50% de las acciones comunes de la entidad. La entidad utiliza el sistema de acumulacin ("accrual basis). Al 31 de diciembre de 2020, los estados financieros auditados de la corporacin se presentan a continuacin: Aloft Beyond, Corp. Estados de Situacin 31 de diciembre de 2019 2020 $950,000 600,000 0 5,120,000 2,400,000 500,000 80,000 250,000 9,900,000 $1,227,000 700,000 125,000 5,500,000 2,000,000 500,000 0 150,000 10,202,000 Activos Efectivo Cuentas por cobrar Contribucin pagada por adelantado Inventario Propiedad y equipo, neto Inversin en Sofi Industries, Corp. Inversin en XYZ Corporation Inversin en bonos Total de Activos Pasivos Cuentas por pagar Prestamos por pagar Contribucin sobre ingreso por pagar Total de Pasivos Capital Acciones comunes Sobrante de capital Ganancias retenidas Total de Capital Total de Pasivos y Capital 800,000 1,000,000 0 1,800,000 650,000 900,000 100,000 1,650,000 100,000 3,000,000 5,000,000 8,100,000 $9,900,000 100,000 3,000,000 5,452,000 8,552,000 $10,202,000 Aloft Beyond, Corp. Estado de Ingresos y Gastos Para el ao terminado el 31 de diciembre de 2020 Descripcin Cantidad Nota Ventas $13,500,000 Menos: Costo de bienes vendidos 4.500.000 Margen Bruto 9,000,000 Otros Ingresos Dividendos 15,000 1 Intereses 12,000 2 Ganancia de capital 40,000 Prdida de capital (60,000) 3b Ingreso Bruto 9.007.000 Gastos Salarios 5,375,000 4 Renta 1,200,000 5 Depreciacin 400,000 6 Gasto de embarcacin 140,000 7 Publicidad 375,000 Impuestos sobre nmina 280,000 Reparacin y mantenimiento 225,000 Donativos 250,000 8 Servicios profesionales 130,000 4 Comidas 40,000 Entretenimiento 25,000 Miscelneos 15,000 Total de Gastos 8,455,000 Ingreso Neto antes de Impuestos 552,000 Provisin de Contribucin sobre Ingresos 100,000 Ingreso Neto $452.000 Notas 1. La corporacin posee el 12% de las acciones comunes de Sofi Industries, Inc., una corporacin domstica de Puerto Rico. 2. Los $12,000 corresponden a los siguientes tipos de intereses: $4,000 de bonos del Estado de California, $500 en depsitos de cuentas bancarias, y $7,500 en bonos de la Premium Corporation, entidad sujeta al pago de contribucin sobre ingresos. 3. Activos de capital: a. La corporacin vendi el 15 de agosto de 2020 una inversin en acciones comunes de XYZ Corporation por $120,000. Las acciones fueron compradas el 18 de marzo de 2015 por $80,000 b. La corporacin vendi el 23 de noviembre de 2020 una inversin en bonos del Estado de New York $70,000. Los bonos fueron comprados el 1 de julio de 2015 por $100,000. 4. Los salarios informados al Departamento de Hacienda mediante comprobantes de retencin (W-2) asciende a $5 millones. Los servicios profesionales informados ascienden a $130,000. 5. La renta mensual de las distintas facilidades de la corporacin totaliza $100,000. Al 31 de diciembre de 2020, la corporacin acumul en sus libros la renta del ao. No obstante, la renta para el mes de diciembre fue pagada el 30 de marzo de 2021. 6. El gasto de depreciacin reclamado en libros coincide con el gasto de depreciacin para impuestos, conforme el Cdigo de Rentas Internas. 7. La corporacin posee una embarcacin la cual utilizan ocasionalmente para agasajar a sus empleados y llevar a cabo reuniones con vendedores y ejecutivos de la empresa. 8. Los donativos se realizaron a entidades sin fines de lucro cualificadas. Informacin Adicional 9. La corporacin pago $125,000 de contribucin sobre ingresos estimada aplicable al ao contributivo 2020. 10. La entidad gener $1,900,000 de prdida neta operacional en el 2019. DETERMINACION DE LA CONTRIBUCION SOBRE INGRESOS DE LA CORPORACION 1. DETERMINE: a. Determine el ingreso (prdida) neto antes de donativos para la corporacin al 31 de diciembre de 2020, mediante la tabla para reconciliar las partidas presentadas en el estado de ingresos y gastos, de una base de contabilidad financiera a contabilidad contributiva. b. Determine y compute las deducciones especiales a reclamarse antes del ingreso neto tributable o prdida neta operacional. c. Determine la contribucin sobre ingreso a pagar o el reintegro aplicable de la corporacin. Asuma que la contribucin Alternativa Mnima es $0. Aloft Beyo a for-pronit corporation duly organized in 2014 under the laws of Puerto Rico. Its shareholders, Jos and Mara, both own 50% of the entity's common shares. The entity uses the accrual basis system. As of December 31, 2020, the audited financial statements of the corporation are presented below: 2019 2020 Cash $950,000 1,227,000 Accounts receivable 600,000 700,000 Contribution paid in advance 0 125,000 Inventory 5,120,000 5,500,000 Property and equipment, net 2,400,000 2,000,000 Investment in Sofi Industries, Corp. 500,000 500,000 Investment in XYZ Corporation 80,000 0 Investment in bonds 250,000 150,000 Total Assets 9,900,000 10,202,000 Liabilities Debts to pay 800,000 650,000 Loans payable 1,000,000 900,000 Income tax payable 0 100,000 Total Capital Liabilities 1,800,000 1,650,000 Capital Common stock 100,000 100,000 Surplus capital 3,000,000 3,000,000 Retained earnings Total Capital Total Liabilities and Capital 5,000,000 5,452,000 8,100,000 8,552,000 9,900,000 10,202,000 note Aloft Beyond, Corp. Statement of Income and Expenses For the year ended December 31, 2020 Description quantity Sales 13,500,000 Less: Cost of goods sold 4.500.000 Gross Margin 9,000,000 Other Income Dividends 15,000 Interest 12,000 Capital gain 40,000 Capital loss (60,000) Gross income 9,007,000 Expenses Salary 5,375,000 Rent 1,200,000 Depreciation 400,000 Boat Expense 140,000 Advertising 375,000 Payroll taxes 280,000 1 2 3b 5 6 7 8 4 Repair and maintenance Donations Professional Services Meals Entertainment Miscellaneous Total expenditures Net Income Before Tax Provision for Income Tax Net Income 225,000 250,000 130,000 40,000 25,000 15,000 8,455,000 552,000 100.000 $452,000 Notes 1. The corporation owns 12% of the common stock of Sofi Industries, Inc., a Puerto Rico domestic corporation. 2. The $ 12,000 corresponds to the following types of interest: $ 4,000 of California State bonds, $ 500 in bank account deposits, and $ 7,500 in bonds of the Premium Corporation, entity subject to the payment of income tax. 3. Capital assets: a. The corporation sold on August 15, 2020 an investment in common shares of XYZ Corporation for $ 120,000. The shares were purchased on March 18, 2015 by $ 80,000 b. The corporation sold on November 23, 2020 an investment in government bonds of New York $ 70,000. The bonds were purchased on July 1, 2015 for $ 100,000. 4. Salaries reported to the Department of the Treasury through withholding vouchers (W-2) It amounts to $ 5 million. Informed professional services amount to $ 130,000. 5. The monthly rent of the various facilities of the corporation totals $ 100,000. As of December 31, 2020, the corporation accumulated the income for the year on its books. However, the rent for the month of December was paid on March 30, 2021. 6. The depreciation expense claimed on the books matches the depreciation expense for taxes, according to the Internal Revenue Code. 7. The corporation owns a boat which they occasionally use to entertain their employees. and hold meetings with salespeople and company executives. 8. Donations were made to qualified non-profit entities. Additional Information 9. The corporation paid $ 125,000 of estimated income tax applicable to taxable year 2020. 10. The entity generated $ 1,900,000 of net operating loss in 2019. DETERMINE: a. Determine the net income (loss) before donations for the corporation as of December 31, 2020, using the table to reconcile the items presented in the statement of income and expenses, from a financial accounting basis to tax accounting. b. Determine and compute the special deductions to be claimed before the net taxable income or net operating loss. c. Determine the income tax payable or applicable refund from the corporation. Assume that the Alternative Minimum Tax is $0. Aloft Beyond, Corp., es una corporacin con fines de lucro debidamente organizada en el 2014 bajo las leyes de Puerto Rico. Sus accionistas, Jos y Mara, ambos poseen el 50% de las acciones comunes de la entidad. La entidad utiliza el sistema de acumulacin ("accrual basis). Al 31 de diciembre de 2020, los estados financieros auditados de la corporacin se presentan a continuacin: Aloft Beyond, Corp. Estados de Situacin 31 de diciembre de 2019 2020 $950,000 600,000 0 5,120,000 2,400,000 500,000 80,000 250,000 9,900,000 $1,227,000 700,000 125,000 5,500,000 2,000,000 500,000 0 150,000 10,202,000 Activos Efectivo Cuentas por cobrar Contribucin pagada por adelantado Inventario Propiedad y equipo, neto Inversin en Sofi Industries, Corp. Inversin en XYZ Corporation Inversin en bonos Total de Activos Pasivos Cuentas por pagar Prestamos por pagar Contribucin sobre ingreso por pagar Total de Pasivos Capital Acciones comunes Sobrante de capital Ganancias retenidas Total de Capital Total de Pasivos y Capital 800,000 1,000,000 0 1,800,000 650,000 900,000 100,000 1,650,000 100,000 3,000,000 5,000,000 8,100,000 $9,900,000 100,000 3,000,000 5,452,000 8,552,000 $10,202,000 Aloft Beyond, Corp. Estado de Ingresos y Gastos Para el ao terminado el 31 de diciembre de 2020 Descripcin Cantidad Nota Ventas $13,500,000 Menos: Costo de bienes vendidos 4.500.000 Margen Bruto 9,000,000 Otros Ingresos Dividendos 15,000 1 Intereses 12,000 2 Ganancia de capital 40,000 Prdida de capital (60,000) 3b Ingreso Bruto 9.007.000 Gastos Salarios 5,375,000 4 Renta 1,200,000 5 Depreciacin 400,000 6 Gasto de embarcacin 140,000 7 Publicidad 375,000 Impuestos sobre nmina 280,000 Reparacin y mantenimiento 225,000 Donativos 250,000 8 Servicios profesionales 130,000 4 Comidas 40,000 Entretenimiento 25,000 Miscelneos 15,000 Total de Gastos 8,455,000 Ingreso Neto antes de Impuestos 552,000 Provisin de Contribucin sobre Ingresos 100,000 Ingreso Neto $452.000 Notas 1. La corporacin posee el 12% de las acciones comunes de Sofi Industries, Inc., una corporacin domstica de Puerto Rico. 2. Los $12,000 corresponden a los siguientes tipos de intereses: $4,000 de bonos del Estado de California, $500 en depsitos de cuentas bancarias, y $7,500 en bonos de la Premium Corporation, entidad sujeta al pago de contribucin sobre ingresos. 3. Activos de capital: a. La corporacin vendi el 15 de agosto de 2020 una inversin en acciones comunes de XYZ Corporation por $120,000. Las acciones fueron compradas el 18 de marzo de 2015 por $80,000 b. La corporacin vendi el 23 de noviembre de 2020 una inversin en bonos del Estado de New York $70,000. Los bonos fueron comprados el 1 de julio de 2015 por $100,000. 4. Los salarios informados al Departamento de Hacienda mediante comprobantes de retencin (W-2) asciende a $5 millones. Los servicios profesionales informados ascienden a $130,000. 5. La renta mensual de las distintas facilidades de la corporacin totaliza $100,000. Al 31 de diciembre de 2020, la corporacin acumul en sus libros la renta del ao. No obstante, la renta para el mes de diciembre fue pagada el 30 de marzo de 2021. 6. El gasto de depreciacin reclamado en libros coincide con el gasto de depreciacin para impuestos, conforme el Cdigo de Rentas Internas. 7. La corporacin posee una embarcacin la cual utilizan ocasionalmente para agasajar a sus empleados y llevar a cabo reuniones con vendedores y ejecutivos de la empresa. 8. Los donativos se realizaron a entidades sin fines de lucro cualificadas. Informacin Adicional 9. La corporacin pago $125,000 de contribucin sobre ingresos estimada aplicable al ao contributivo 2020. 10. La entidad gener $1,900,000 de prdida neta operacional en el 2019. DETERMINACION DE LA CONTRIBUCION SOBRE INGRESOS DE LA CORPORACION 1. DETERMINE: a. Determine el ingreso (prdida) neto antes de donativos para la corporacin al 31 de diciembre de 2020, mediante la tabla para reconciliar las partidas presentadas en el estado de ingresos y gastos, de una base de contabilidad financiera a contabilidad contributiva. b. Determine y compute las deducciones especiales a reclamarse antes del ingreso neto tributable o prdida neta operacional. c. Determine la contribucin sobre ingreso a pagar o el reintegro aplicable de la corporacin. Asuma que la contribucin Alternativa Mnima es $0. Aloft Beyo a for-pronit corporation duly organized in 2014 under the laws of Puerto Rico. Its shareholders, Jos and Mara, both own 50% of the entity's common shares. The entity uses the accrual basis system. As of December 31, 2020, the audited financial statements of the corporation are presented below: 2019 2020 Cash $950,000 1,227,000 Accounts receivable 600,000 700,000 Contribution paid in advance 0 125,000 Inventory 5,120,000 5,500,000 Property and equipment, net 2,400,000 2,000,000 Investment in Sofi Industries, Corp. 500,000 500,000 Investment in XYZ Corporation 80,000 0 Investment in bonds 250,000 150,000 Total Assets 9,900,000 10,202,000 Liabilities Debts to pay 800,000 650,000 Loans payable 1,000,000 900,000 Income tax payable 0 100,000 Total Capital Liabilities 1,800,000 1,650,000 Capital Common stock 100,000 100,000 Surplus capital 3,000,000 3,000,000 Retained earnings Total Capital Total Liabilities and Capital 5,000,000 5,452,000 8,100,000 8,552,000 9,900,000 10,202,000 note Aloft Beyond, Corp. Statement of Income and Expenses For the year ended December 31, 2020 Description quantity Sales 13,500,000 Less: Cost of goods sold 4.500.000 Gross Margin 9,000,000 Other Income Dividends 15,000 Interest 12,000 Capital gain 40,000 Capital loss (60,000) Gross income 9,007,000 Expenses Salary 5,375,000 Rent 1,200,000 Depreciation 400,000 Boat Expense 140,000 Advertising 375,000 Payroll taxes 280,000 1 2 3b 5 6 7 8 4 Repair and maintenance Donations Professional Services Meals Entertainment Miscellaneous Total expenditures Net Income Before Tax Provision for Income Tax Net Income 225,000 250,000 130,000 40,000 25,000 15,000 8,455,000 552,000 100.000 $452,000 Notes 1. The corporation owns 12% of the common stock of Sofi Industries, Inc., a Puerto Rico domestic corporation. 2. The $ 12,000 corresponds to the following types of interest: $ 4,000 of California State bonds, $ 500 in bank account deposits, and $ 7,500 in bonds of the Premium Corporation, entity subject to the payment of income tax. 3. Capital assets: a. The corporation sold on August 15, 2020 an investment in common shares of XYZ Corporation for $ 120,000. The shares were purchased on March 18, 2015 by $ 80,000 b. The corporation sold on November 23, 2020 an investment in government bonds of New York $ 70,000. The bonds were purchased on July 1, 2015 for $ 100,000. 4. Salaries reported to the Department of the Treasury through withholding vouchers (W-2) It amounts to $ 5 million. Informed professional services amount to $ 130,000. 5. The monthly rent of the various facilities of the corporation totals $ 100,000. As of December 31, 2020, the corporation accumulated the income for the year on its books. However, the rent for the month of December was paid on March 30, 2021. 6. The depreciation expense claimed on the books matches the depreciation expense for taxes, according to the Internal Revenue Code. 7. The corporation owns a boat which they occasionally use to entertain their employees. and hold meetings with salespeople and company executives. 8. Donations were made to qualified non-profit entities. Additional Information 9. The corporation paid $ 125,000 of estimated income tax applicable to taxable year 2020. 10. The entity generated $ 1,900,000 of net operating loss in 2019. DETERMINE: a. Determine the net income (loss) before donations for the corporation as of December 31, 2020, using the table to reconcile the items presented in the statement of income and expenses, from a financial accounting basis to tax accounting. b. Determine and compute the special deductions to be claimed before the net taxable income or net operating loss. c. Determine the income tax payable or applicable refund from the corporation. Assume that the Alternative Minimum Tax is $0