Comprehensive Problem 07-63 Part c (Algo) c. Assume the Howells' short-term capital loss carryover from prior years is $82,700 rather than $2,700 as indicated above. If this is the case, how much short-term and long-term capital loss carryovers remain to be carried beyond 2023 to future tax years? Note: Leave no cells blank - be certain to enter "0" wherever required. Short-term capital loss Long-term capital loss

Problem 6-55 (LO. 3) For 2021, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $26,000,000 over the prior three taxable years. a.  What is MSU's interest expense deduction for 2021?$fill in the blank 1 b.  How much interest expense can be deducted for 2021 if MSU's adjusted taxable income is $300,000?$fill in the blank 2

Problem 16-8 (Algo) Multiple differences; taxable income given; two years; balance sheet classification; change in tax rate [LO16-1, 16-2, 16-3, 16-5, 16-6, 16-8] Skip to question   [The following information applies to the questions displayed below.] Arndt, Inc. reported the following for 2021 and 2022 ($ in millions):    2021   2022 Revenues $ 936     $ 1,028   Expenses   792       848   Pretax accounting income (income statement) $ 144     $ 180   Taxable income (tax return) $ 108     $ 214   Tax rate: 25%                   Expenses each year include $54 million from a two-year casualty insurance policy purchased in 2021 for $108 million. The cost is tax deductible in 2021. Expenses include $2 million insurance premiums each year for life insurance on key executives. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $55 million and $71 million, respectively. Subscriptions included in 2021 and…