Luong Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after...
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Luong Corporation, a calendar year, accrual basis corporation, reported $ million of net income after tax on its financial statements prepared in accordance with GAAP. The corporations books and records reveal the following information: Luongs federal income tax expense per books was $ Luongs book income included $ of dividends received from a domestic corporation in which Luong owns a percent stock interest, and $ of dividends from a domestic corporation in which Luong owns a percent stock interest. Luong recognized $ of capital losses this year and no capital gains. Luong recorded $ of book expense for meals not provided by a restaurant and $ of book expense for entertainment costs. Luong's depreciation expense for book purposes totaled $ MACRS depreciation was $ Required: Compute Luong's federal taxable income and regular tax liability. Prepare a Schedule M page Form reconciling Luongs book and taxable income.
Luong Corporation, a calendar year, accrual basis corporation, reported $ million of net income after tax on its financial statements prepared in accordance with GAAP. The corporations books and records reveal the following information:
Luongs federal income tax expense per books was $
Luongs book income included $ of dividends received from a domestic corporation in which Luong owns a percent stock interest, and $ of dividends from a domestic corporation in which Luong owns a percent stock interest.
Luong recognized $ of capital losses this year and no capital gains.
Luong recorded $ of book expense for meals not provided by a restaurant and $ of book expense for entertainment costs.
Luong's depreciation expense for book purposes totaled $ MACRS depreciation was $
Required:
Compute Luong's federal taxable income and regular tax liability.
Prepare a Schedule M page Form reconciling Luongs book and taxable income.
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