In 2019, Ellie Inc. had book income of 8,600,000, including $40,000 of interest income from tax-exempt municipal bonds and $200,000 in life insurance proceeds from CEO's death. Ellie Inc. reported $3,800,000 of regular business expenses for book (this does not include Federal income tax expense for books in 2019). Included in regular business expenses was $12,000 for fines paid to OSHA and depreciation recorded for book was $40,000. Depreciation under MACRS (for tax) is $65,000. Identify each book-tax difference (description and amount) and determine whether each one is permanent or temporary (P or T) and whether it is favorable or Identify each book-tax difference (description and amount) and determine whether each one is permanent or temporary (P or T) and whether it is favorable or unfavorable (F or U) (blanks 1-4). What is Ellie Inc.'s taxable income for 2019 (blank 5)? If Ellie Inc. made $850,000 of estimated tax payments (prepayments) throughout the tax year, what is its tax due or tax refund when it files its return (blank 6)? A AL Complete the following schedule for each case. Unless otherwise indicated, assume that the shareholders have ample basis in the stock investment. All cash distributions are made on the last day of the year. The first blank corresponds to a, the second blank to b, etc. Current E&P Cash distributions Dividend Income Return of Capital Accumulated E&P beginning of year 250.000 (125.000) 100.000 (180.000) a. b 65.000 80.000 (60.000) 400.000 210.000 100.000 150.000 600.000 d. f. h. g In 2019, Ellie Inc. had book income of 8,600,000, including $40,000 of interest income from tax-exempt municipal bonds and $200,000 in life insurance proceeds from CEO's death. Ellie Inc. reported $3,800,000 of regular business expenses for book (this does not include Federal income tax expense for books in 2019). Included in regular business expenses was $12,000 for fines paid to OSHA and depreciation recorded for book was $40,000. Depreciation under MACRS (for tax) is $65,000. Identify each book-tax difference (description and amount) and determine whether each one is permanent or temporary (P or T) and whether it is favorable or Identify each book-tax difference (description and amount) and determine whether each one is permanent or temporary (P or T) and whether it is favorable or unfavorable (F or U) (blanks 1-4). What is Ellie Inc.'s taxable income for 2019 (blank 5)? If Ellie Inc. made $850,000 of estimated tax payments (prepayments) throughout the tax year, what is its tax due or tax refund when it files its return (blank 6)? A AL Complete the following schedule for each case. Unless otherwise indicated, assume that the shareholders have ample basis in the stock investment. All cash distributions are made on the last day of the year. The first blank corresponds to a, the second blank to b, etc. Current E&P Cash distributions Dividend Income Return of Capital Accumulated E&P beginning of year 250.000 (125.000) 100.000 (180.000) a. b 65.000 80.000 (60.000) 400.000 210.000 100.000 150.000 600.000 d. f. h. g