Business, 19.05.2021 18:50 Schoolworkspace453
The Summerlin Company reported pretax accounting income on its income statement as follows:
2021 $425,000
2022 345,000
2023 415,000
2024 455,000
Included in the income of 2021 was an installment sale of property in the amount of $60,000. However, for tax purposes, Summerlin reported the income in the year cash was collected. Cash collected on the installment sale was $24,000 in 2022, $30,000 in 2023, and $6,000 in 2024. Included in the 2023 income was $25,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.
Required:
Prepare the year-end journal entries to record income taxes for the years 2021-2024.
Answers: 3
Business, 22.06.2019 16:30, emmmssss21
Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?
Answers: 3
The Summerlin Company reported pretax accounting income on its income statement as follows:
2021 $4...
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