Kappa Corporation reports the following results for the current year: In addition, Kappa has a $

ACC 455 Entire Course Link

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Kappa Corporation reports the following results for the current year:

In addition, Kappa has a $52,000 NOL carryover from the preceding tax year, and its qualified production activities income is $120,000.

Requirements

a.
What is Kappa'sKappa's taxable income for the current year?
b.
What carrybacks or carryovers are available to other tax years?
Requirement a. What is Kappa's taxable income for the current year? Begin by computing Kappa's

taxable income before special deductions. (Enter the special deductions in the specific sequence dictated by the tax rules.)

 
 
 
 
Gross income
 
Minus:
 
 
 
 
 
Taxable income before special deductions
 
 

Minus:
 
 
 
 
 
Taxable income before U.S. production activities deduction
 
 
 
 
Taxable income
 
Requirement b. What carrybacks or carryovers are available to other tax years? (If a box is not used in the table, leave the box empty; do not select a label or enter a zero.)

Type of carryback/carryover
Amount
Charitable contribution deduction carryover to the next five years
 
 
 
 
 
 

 

 

 

 

 
 
 
 
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