With regards to the taxation year, which of the following situations is correct?
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- List the steps necessary to measure and record a corporations current and deferred income taxes.The purpose of Schedule M-1 on the corporate tax return is to: Reconcile accounting (book) income to taxable income. Summarize the dividends received deduction calculation. List the officers of the corporation and their compensation. Calculate the net operating loss deduction.With regards to the taxation year, which of the following situations is correct? a An individual taxpayer's taxation year ends on April 30th. b. A corporation's taxation is its fiscal period not exceeding 52 weeks. c. Corporations must use December 31st as the taxation year end. d. Taxation year ends must be considered for tax planning within business structures.
- fleming inc is a c corporation that files its return using a fiscal year. for the return for the fiscal year ending April 30 2019. what corporate tax rates apply to flemings income27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal yearWhich of the following statements is not correct? Multiple Choice Corporations must estimate and prepay their income taxes through quarterly tax deposits. At the end of the year, when the worksheet is prepared, the Income Tax Expense account is adjusted only if the corporation owes additional taxes. Income Tax Expense may be shown as an operating expense on a corporation's income statement. The Income Tax Expense account may be either debited or credited in the adjusting journal entry for income tax at year-end.
- Which of the following statements concerning the tax treatment of interest income is true? a. Individuals must accrue interest on a daily basis. b. The anniversary day accrual method of recognizing interest income requires that interest income received by a corporation be recognized for tax purposes for every twelve-month period from the date the investment is made. c. Foreign interest income is exempt from taxes in Canada. d. The anniversary day accrual method of recognizing interest income requires that interest income received by an individual be recognized for tax purposes for every twelve-month period from the date the investments is made.Which of the following statements is incorrect? A calendar year corporation must file its tax return no later than March 15 of the following year. C corporations must annually file a Form 1120 tax return. A corporation with average annual gross receipts of $30 million must use the accrual basis of accounting. A corporation can choose the fiscal year-end of its choice when it files its first tax return without approval of the IRS.Which of the following is true regarding filing requirements? a.For all tax year-ends, the due date for filing a corporate tax return is the fifteenth day of the third month after year-end. b.Filing an extension for a corporate tax return also provides an extension for paying the corporation's tax due. c.A corporation with a tax year ending on June 30 can get a 7-month extension instead of the usual 6 months. d.A corporation can wait to pay its tax liability
- Which of the following statements is/are correct? A. A minimum corporate income tax (MCIT) of 1% of gross income from July 1, 2020 to June 2023 and 2% beginning July 1, 2023 is imposed upon any domestic corporation and resident foreign corporation beginning on the 4th taxable year immediately following the taxable year in which such corporation commenced its business operations. B. MCIT shall be imposed whenever such corporation has zero or negative taxable income, or when the amount of MCIT is greater than the normal income tax due from such corporation. C. The computation and the payment of the MCIT, shall likewise apply at the time of filing the quarterly corporate income tax. A. I only B. II only C. I and III only D. I, II and IIIWhat is the total deferred tax liability at December 31, 20x6? What is the total deferred tax asset at December 31, 20x6? What is the current income tax expense for the year ended December 31, 20x6? What is the total income tax expense for 20x6?What is the deadline by which a c corporation must file a tax return