Question;Submit your answer in an Excel file, showing all calculations clearly and explaining your answers where necessary.Abbott Corporation has book income before federal income tax of $380,000. Deductions in arriving at book income included: charitable donation, $60,000, parking fines for delivery vehicles, $2,200, meals and entertainment expense, $13,400, depreciation expense, $37,300. MACRS depreciation is $40,720. Book income includes dividends from large public corporations of $20,000. Abbott has an NOL carryover to the current year of $12,000.a) Compute Abbott?s taxable income.b) Compute Abbott?s tax liability.
Paper#38959 | Written in 18-Jul-2015Price : $22