Question
Pi Real Estate reported taxable income of $2,100,000. An audit revealed that the company failed to deduct $300,000 in qualifying business expenses and included $150,000
Pi Real Estate reported taxable income of $2,100,000. An audit revealed that the company failed to deduct $300,000 in qualifying business expenses and included $150,000 of non-deductible expenses in their calculations.
Requirement: Recalculate the taxable income and determine the correct tax liability at a corporate tax rate of 27%. Discuss the adjustments.
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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
