LO.5 Parson, Inc., a calendar year taxpayer, manufactures ice cream that it wholesales to grocery stores and
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LO.5 Parson, Inc., a calendar year taxpayer, manufactures ice cream that it wholesales to grocery stores and other food outlets. The company also operates an ice cream shop near its factory, where it sells directly to the general public. For tax years 2011 and 2012, gross receipts are as follows:
Gross Receipts Wholesale Snack Shop 2011 $4,000,000 $220,000 2012 5,000,000 260,000 What is Parson’s DPGR for:
a. 2011?
b. 2012?
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Related Book For
South Western Federal Taxation 2013 Corporations Partnerships Estates And Trusts
ISBN: 9781133495574
36th Edition
Authors: William H. Hoffman, William A. Raabe, James E. Smith, David M. Maloney
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