Question
MAIKO was in real estate business. In the year 2021 the following income statement was presented Rental incomes Ksh 1,500,000 Electricity expenses Ksh 87,000 Water
MAIKO was in real estate business.
In the year 2021 the following income statement was presented
Rental incomes | Ksh 1,500,000 |
Electricity expenses | Ksh 87,000 |
Water expenses | Ksh 47,000 |
Depreciation expense | Ksh 280,000 |
Caretaker expenses | Ksh 240,000 |
Repairs and Maintenance expenses | Ksh 360,000 |
Legal fees | 75,000 |
Donations | 200,000 |
Povisions for bad debts | 20,000 |
Total operating expenses | 1,309,000 |
Net income | 191,000 |
Required:
Compute the adjusted taxable profit for the year 2021
Compute the gross tax liability of Maiko for the year 2021
Compute the tax due for Maiko for the year 2021
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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