Please help me Adjusted TaxBasisFHVAppreciationCashReceivablesBuildingLand$ 10,00015,000100,000225,000$ 10,00015,00050,00075,000$ 150,00050,000150,000$ 200,000$ 350,000TotalPayablesMortgage$ 18,000112,000$ 130,000$ 18,000112,000$ 130,000Total* The mortgage is attached to the building and land.Ernesto was asking for $400,000 for the company. His tax basis in the BLI stock was $100,000. Included in the sales pricewas an unrecognized customer list valued at $100,000. The unallocated portion of the purchase price ($80,000) will berecorded as goodwill.Assume Ernesto agrees to sell his stock in BLI to Amy and Brian for $400,000.a. What amount of gain or loss does BLI recognize if the transaction is structured as a stock sale to Amy and Brian? What amount ofcorporate-level tax does BLI pay as a result of the transaction.Gain or loss recognizedCorporate-level tax L TOIUWy HHOauU appes IU Une yuesuus ursprayeu veuw.Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorporated (BLI). As part oftheir discussions with the sole shareholder of the corporation, Ernesto Young, they examined the company's taxaccounting balance sheet. The relevant information is summarized as follows: (Leave no answer blank. Enter zero ifapplicable. Negative amounts should be indicated by a minus sign.)THV$ 10,00015,000100,000225,000$350,000Adjusted TaxBasin$ 10,00015,00050,00075,000ApprecjationCashReceivablesBuildingLand50,000150,000$150,000$ 200,000TotalPayablesMortgage$ 18,000112,000$ 130,000$ 10,000112,000$ 130,000Total* The mortgage is attached to the building and land.Ernesto was asking for $400,000 for the company. His tax basis in the BLI stock was $100,000. Included in the sales pricewas an unrecognized customer list valued at $100,000. The unallocated portion of the purchase price ($80,000) will berecorded as goodwill.Assume Ernesto agrees to sell his stock in BLI to Amy and Brian for $400,000.b. What amount of gain or loss does Ernesto recognize if the transaction is structured as a stock sale to Amy and Brian?Gain or loss recognized

Recognized gain It is important for recognize the required gain or loss which are involved in the…

Assume Ernesto agrees to sell his stock in BI to Amy and Brian for $400,000. a. What amount of gain or loss does BLI recognize if the transaction is structured as a stock sale to Amy and Brian? What amount of corporate-level tax does BU pay as a result of the transaction. Gain or loss recognized Corporate-level tax

Assume Ernesto agrees to sell his stock in BI to Amy and Brian for $400,000. a. What amount of gain or loss does BLI recognize if the transaction is structured as a stock sale to Amy and Brian? What amount of corporate-level tax does BU pay as a result of the transaction. Gain or loss recognized Corporate-level tax

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 26P

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identify deferred tax assets/liabilioties in the following figure Total Current Assets - - - - Total Assets 1057734 1014060 979868 976502 Cash & Due from Banks 96610 81786 73246 65619 Other Earning Assets, Total 144765 123145 118007 118805 Net Loans 759118 742473 737033 727002 Property/Plant/Equipment, Total - Net 5468 5602 5205 2383 Property/Plant/Equipment, Total - Gross - - - - Accumulated Depreciation, Total - - - - Goodwill, Net 5269 5284 5997 5974 Intangibles, Net 1674 1660 1732 1991 Long Term Investments 2865 3034 3054 3001 Other Long Term Assets, Total 4139 3830 3098 18226 Other Assets, Total 37826 47246 32496 33501 Total Current Liabilities - - - - Total Liabilities 982736 942052 908766 906908 Accounts Payable 9826 13188 9998 10285 Payable/Accrued - - - - Accrued Expenses - - - - Total Deposits 750843 701551 666300 640311 Other Bearing Liabilities, Total - - - 32 Total Short Term Borrowings 26633 16877 20346 19099…
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Total deductible income tax credit would be P80,000 P60,000 P20,000 P0 None of the above Income tax still due and payable per ITR. P170,000 P250,000 P120,000 P130,000 None of the above The total final tax would be P22,000 P25,000 P10,000 P12,000 None of the above
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taxable income : 1225000 income taxes payable: 245000
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