text Roboto 10.5 E 15 E + 2 3 15 LO 6-1, 6-4 Assuming a 21 percent marginal tax rate, compute the after-tax cost of the following business expenses: $5,600 premium on business property and casualty insurance. $1,200 paid for business entertainment. $3,700 premium on key-person life insurance. $50,000 political contribution. $7,800 client meals. LO 6-1, 6-4 Northwest Company has average gross receipts of $50 million annually. This year, Northwest incurred $10.5 million of net business interest and has adjusted taxable page 6-31income of $29 million. Compute Northwest's current deduction for business interest and the amount of any business interest carryforward. LO 6-1, 6-4 FruAgro Company has average annual gross receipts of $30 million annually. This year, FruAgro earned $1 million of business interest income, incurred $7 million of business interest expense and has adjusted taxable income of $17 million. Compute FruAgro's current deduction for business interest and the amount of any business interest carryforward. LOLO 6-1, 6-4 Assuming a 21 percent marginal tax rate, compute the after-tax cost of the following business expenses: $5,600 premium on business property and casualty insurance. $1,200 paid for business entertainment. $3,700 premium on key-person life insurance. $50,000 political contribution. $7,800 client meals. LO 6-1, 6-4 Northwest Company has average gross receipts of $50 million annually. This year, Northwest incurred $10.5 million of net business interest and has adjusted taxable page 6-31income of S29 million Compute Northwest's current deduction for business interest and the amount f any Normal text Roboto 10.5 BI VA lali ilil III 15 E li + 1 2 3 40 15 LO 6-1, 6-4 Assuming a 21 percent marginal tax rate, compute the after-tax cost of the following business expenses: $5,600 premium on business property and casualty insurance $1,200 paid for business entertainment. $3,700 premium on key-person life insurance. $50,000 political contribution $7,800 client meals. I LO 6-1, 6-4 Northwest Company has average gross receipts of $50 million annually. This year, Northwest incurred $10.5 million of net business interest and has adjusted taxable page 6-31income of $29 million. Compute Northwest's current deduction for business interest and the amount of any business interest carryforward. LO 6-1, 6-4 FryAgro Company has average annual gross receipts of $30 million annually. This year, FruAgro earned $1 million of business interest income, incurred $7 million of business interest expense and has adjusted taxable income of $17 million. Compute FruAgro's current deduction for business interest and the amount of any business interest carryforward
