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9 Apr 2018
Which of the following amounts is NOT deductedin converting Net Income for Tax Purposes to Taxable Income?
A. Losses of other years.
B. The lifetime capital gains deduction.
C. An amount related to the exercise or sale of stock options.
D. The excess of allowable capital losses over taxable capitalgains for the current year.
Which of the following amounts is NOT deductedin converting Net Income for Tax Purposes to Taxable Income?
| A. | Losses of other years. | |
| B. | The lifetime capital gains deduction. | |
| C. | An amount related to the exercise or sale of stock options. | |
| D. | The excess of allowable capital losses over taxable capitalgains for the current year. |
Elin HesselLv2
11 Apr 2018
Related questions
Prepare an M-1 reconciliation (what is taxable income?) for JJBCorporation using the following data:
| Net income per books (after tax) | 100,000 |
| Federal income tax per books | 30,000 |
| Excess of capital losses over capital gains | 15,000 |
| Dividend income (Polk owns 1% of the paying corporation) | 20,000 |
| Nondeductible penalties | 7,000 |
| Marketing expense | 16,000 |
| Meals and Entertainment expense (total amount) | 24,000 |
| Tax-exempt interest income (private activity bond) | 11,000 |
| Excess of tax (MACRS) deprecation over book (GAAP)depreciation | 35,000 |
| Domestic Production Activities Deduction | 25,000 |
