Keshara has the following net § 1231 results for each of the years shown: Tax Year Net § 1231 Loss Net § 1231 Gain 2016 $18,000 2017 33,000 2018 42,000 2019 $41,000 2020 30,000 2021 41,000 What would be the nature of the net gains in 2020 and 2021? If an amount is zero, enter "0". Amount Amount Total Treated as Treated as Net § 1231 Ordinary Long-Term Gain Income Capital Gain 2020 30,000 2021 41,000

Keshara has the following net § 1231 results for each of the years shown: Tax Year Net § 1231 Loss Net § 1231 Gain 2016 $18,000 2017 33,000 2018 42,000 2019 $41,000 2020 30,000 2021 41,000 What would be the nature of the net gains in 2020 and 2021? If an amount is zero, enter "0". Amount Amount Total Treated as Treated as Net § 1231 Ordinary Long-Term Gain Income Capital Gain 2020 30,000 2021 41,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 11P

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Le Bron Corporation has the following information for 2021 taxable year: Quarter RCIT MCIT CWT First P200,000 P160,000 P40,000 Second 240,000 500,000 60,000 Third 500,000 150,000 80,000 Fourth 300,000 200,000 70,000 Additional information: Excess MCIT from 2020: P60,000 Excess tax credits from 2020: P20,000 1.) How much was the income tax payable for the first quarter? a. 200,000 b. 160,000 c. 120,000 d. 80,000 2.) How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000 3.) How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000
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