must be right

Nbalrxd13
timer Asked: Sep 10th, 2020

Question Description

Wallon, Inc. reported the following for 20X3:

a. Taxable income of $1,000,000

b. Paid federal income taxes of $210,000

c. Capital gain from sale of investments, $150,000; loss on sale of land held for investment, $200,000

d. Section 179 expenses of $300,000

e. Gain on sale of equipment: $50,000 in proceeds, with an original cost of $75,000. Accumulated depreciation for tax purposes was $30,000 and accumulated depreciation for E&P purposes was $40,000.

f. Decrease in LIFO recapture of $5,000


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