Business, 16.03.2020 17:39 guazet7650
In the current year, Tern, Inc., a calendar year C corporation, has $9 million of adjusted taxable income, $300,000 of business interest income, zero floor plan financing interest, and $3.2 million of business interest expense. Tern has average gross receipts for the prior three-year period of $45 million. Which of the following statements is correct about the treatment of Tern's business interest expense?
Group of answer choices
Current year deduction of $3 million, carryback of $200,000.
Current year deduction of $2,790,000, carryback of $410,000.
Current year deduction of $3 million, carryforward of $200,000.
Current year deduction of $3.2 million.
Current year deduction of $2,790,000, carryforward of $410,000.
Answers: 2
Business, 21.06.2019 21:30, Amholloway13
Ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions. a. owner invested $61,000 cash in the company along with equipment that had a $25,000 market value. b. the company paid $1,900 cash for rent of office space for the month. c. the company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. the company completed work for a client and immediately collected the $2,100 cash earned. e. the company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. the company purchased additional equipment for $5,500 cash. g. the company paid an assistant $3,000 cash as wages for the month. h. the company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. the company paid $15,000 cash to settle the liability created in transaction c. j. owner withdrew $1,500 cash from the company for personal use. required: enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)
Answers: 2
Business, 23.06.2019 07:00, TheMixingToad
Will mark you the which of the following groups has caused ongoing conflicts in afghanistan? a. the sinhalese majority b. natalitesc. kashmir sikhsd. the taliban
Answers: 2
In the current year, Tern, Inc., a calendar year C corporation, has $9 million of adjusted taxable i...
Mathematics, 27.02.2020 08:38
Biology, 27.02.2020 08:38
Mathematics, 27.02.2020 08:40