Paint , Inc ., a domestic corporation , owns 100 % of Blue , Ltd ., a foreign corporation and Yellow , Inc ., a domestic corporation . Paint also owns 40 % of Green , Inc ., a domestic corporation . Paint receives no distributions from any of these corporations . Which of these entities ' net income are included in Paint ' s income statement for current year financial reporting purposes ?
Question 23
Nocera , Inc . earns book net income before tax of $ 600,000 in 2010 . Nocera acquires a depreciable asset in 2010 and first year tax depreciation exceeds book depreciation by $ 120,000 . Nocera has no other temporary or permanent differences . Assuming the U . S . tax rate is 35 %, what is Nocera ' s total income tax expense reported on its financial statements for 2010 ?
Question 24
Which of the following items are not included in the income tax note for a publicly traded company ?
Question 25
Larson , Inc ., hopes to report a total book tax expense of $ 160,000 in the current year . This $ 160,000 expense consists of $ 240,000 in current tax expense and an $ 80,000 tax benefit related to the expected future use of an NOL by Larson . If the auditors determine that a valuation allowance of $ 30,000 must be placed against Larson ' s deferred tax assets , what is Larson ' s total book tax expense ?
ACC 499 Final Exam Part 2 ( Set 3 ) Review Test Submission : Final Exam Part 2 Question 1
The ethical framework derived from utilitarianism and rights theories indicates all of the following steps except