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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