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These are from the Book : Mcgraw-Hills Taxation of Individuals and Business Entities 2021 edition!! I am unsure how to answer these questions! I need

These are from the Book : Mcgraw-Hills Taxation of Individuals and Business Entities 2021 edition!! I am unsure how to answer these questions! I need to write these out but have no idea what to even do. All parts need to be written out!! all the help is very much appreciated! image text in transcribedimage text in transcribed

79. Access the 2018 Form 10-K for Facebook, Inc., and answer the following questions. Required: a) Using information from the company's Income Statement and Income Taxes footnote, what was the company's effective tax rate for 2018? Show how the rate is calculated. b) Using information from the Statement of Cash Flows, calculate the company's cash tax rate. c) What does the company's Income Taxes note tell you about where the company earns its international income? Why does earning income in these countries cause the effective tax rate to decrease? d) What item creates the company's largest deferred tax asset? Explain why this item creates a deductible temporary difference. e) What item creates the company's largest deferred tax liability? Explain why this item creates a taxable temporary difference. f) How does the company classify its income taxes payable related to its unrecognized tax benefits on the balance sheet? g) How does the company treat interest and penalties related to its unrecognized tax benefits? 80. Spartan Builders Corporation is a builder of high-end housing with locations in major metropolitan areas throughout the Page 17-42 Midwest. At June 30, 2020, the company has deferred tax assets totaling $ 10 million and deferred tax liabilities of $5 million, all of which relate to U.S. temporary differences. Reversing taxable temporary differences and taxable income in the carryback period can be used to support approximately $2 million of the $10 million gross deferred tax asset. The remaining $8 million of gross deferred tax assets will have to come from future taxable income. The company has historically been profitable. However, significant losses were incurred in fiscal years 2018 and 2019. These two years reflect a cumulative loss of $10 million ($7 million of which was due to a write-down of inventory), with losses of $3 million expected in 2020. Beginning in fiscal 2021, management decided to get out of the metropolitan Chicago market, which had become oversaturated with new houses. Evaluate the company's need to record a valuation allowance for the $10 million of gross deferred tax assets. What positive and negative evidence would you weigh? 79. Access the 2018 Form 10-K for Facebook, Inc., and answer the following questions. Required: a) Using information from the company's Income Statement and Income Taxes footnote, what was the company's effective tax rate for 2018? Show how the rate is calculated. b) Using information from the Statement of Cash Flows, calculate the company's cash tax rate. c) What does the company's Income Taxes note tell you about where the company earns its international income? Why does earning income in these countries cause the effective tax rate to decrease? d) What item creates the company's largest deferred tax asset? Explain why this item creates a deductible temporary difference. e) What item creates the company's largest deferred tax liability? Explain why this item creates a taxable temporary difference. f) How does the company classify its income taxes payable related to its unrecognized tax benefits on the balance sheet? g) How does the company treat interest and penalties related to its unrecognized tax benefits? 80. Spartan Builders Corporation is a builder of high-end housing with locations in major metropolitan areas throughout the Page 17-42 Midwest. At June 30, 2020, the company has deferred tax assets totaling $ 10 million and deferred tax liabilities of $5 million, all of which relate to U.S. temporary differences. Reversing taxable temporary differences and taxable income in the carryback period can be used to support approximately $2 million of the $10 million gross deferred tax asset. The remaining $8 million of gross deferred tax assets will have to come from future taxable income. The company has historically been profitable. However, significant losses were incurred in fiscal years 2018 and 2019. These two years reflect a cumulative loss of $10 million ($7 million of which was due to a write-down of inventory), with losses of $3 million expected in 2020. Beginning in fiscal 2021, management decided to get out of the metropolitan Chicago market, which had become oversaturated with new houses. Evaluate the company's need to record a valuation allowance for the $10 million of gross deferred tax assets. What positive and negative evidence would you weigh

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