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(Solution) - A corporation has gross revenue from sales of 289 000 cost

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A corporation has gross revenue from sales of $289,000, cost of sales of $98,000, a Section 179 deduction of $20,000 (financial depreciation = $5,000), operating expenses of $122,000, and a Section 1231 gain of $21,000 on the sale of some machinery (the gain is only $14,000 for financial accounting).
a. What is the corporation's taxable income?
b. What is the corporation's pretax financial accounting income?


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This question was answered on: Jul 11, 2017

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