Vanquish, Incorporated, a C Corporation, had the following items of income and expense during 2021.
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Gross profit from sales $220,000 |
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Interest income on bank account $3,650 |
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Interest income on State of Missouri Bonds $4,000 |
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Long term capital loss on sale of stock $5,000 |
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Wages expense $90,000 |
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Charitable contributions $17,000 |
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Other deductible expenses $57,000 |
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Depreciation – BOOK $10,000 |
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Depreciation – TAX (MACRS) $15,000 |
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Federal income tax credit $2,500 |
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What is Vanquish, Incorporated’s tax rate? |
Solve as we have in class (on your own paper, WORD doc, Excel, etc.) and attach a file showing your work.
a) Compute Taxable Income and Tax Due (or Refund) for the Corporation.
b) What specific items and amounts from 2021 does the Corporation have to CarryForward? Why?
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