Purchase Solution

Tax Credit or payment

Not what you're looking for?

Ask Custom Question

My company lost $600,000 during 2004(its net income was -$600,000). The corporate tax rate is 40 percent. The company paid the following amount in taxes over the past five years:

Year Taxes Paid
1999 $ 50,000
2000 75,000
2001 60,000
2002 40,000
2003 160,000

Assume that current carry back and carry forward provisions were available in prior years. Showing the computatin what will be my company's tax credit or tax payment for 2004?

Purchase this Solution

Solution Summary

Computation of tax credit or tax payment.

Solution Preview

Total taxes paid in the last 5 years: 385,000

Total income in the last 5 years= ...

Solution provided by:
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
Recent Feedback
  • "Thank you. "
  • "Thank you"
  • "Thank you. I got 20/20 last week for my discussion you help me out with."
  • "Thank you. Great Job. "
  • "Thank you. Great Job. "
Purchase this Solution


Free BrainMass Quizzes
Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.