Business, 11.05.2021 18:20 lisbethtsu5309
Hoosier Incorporated is an Indiana corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year:
Item Amount Federal Treatment
Illinois income taxes $33,424 Deducted on federal return
Indiana income taxes $18,435 Deducted on federal return
Ohio Commercial Activity Tax $3,974 Deducted on federal return
Depreciation $41,300 Deducted on federal return
Illinois municipal bond interest $9,948 Excluded from federal return
Indiana municipal bond interest $15,325 Excluded from federal return
Federal T-note interest $2,474 Included on federal return
State depreciation expense was $51,300. Hoosiers federal taxable income was $151,600. Calculated Hoosiers Indiana state tax base.
Answers: 3
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Hoosier Incorporated is an Indiana corporation. It properly included, deducted, or excluded the foll...
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