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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 41
Timpanogos Inc.is an accrual-method calendar-year corporation.For 2011, it reported financial statement income after taxes of $1,149,000.Timpanogos provided the following information relating to its 2011 activities: 
Timpanogos did not qualify for the domestic production activities deduction.Required:
a.Reconcile book income to taxable income for Timpanogos Inc.Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.b.Identify each book-tax difference as either permanent or temporary.c.Complete Schedule M-1 for Timpanogos.d.Compute Timpanogos's regular tax liability for 2011.e.Determine Timpanogos's alternative minimum tax, if any.
Timpanogos did not qualify for the domestic production activities deduction.Required: a.Reconcile book income to taxable income for Timpanogos Inc.Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.b.Identify each book-tax difference as either permanent or temporary.c.Complete Schedule M-1 for Timpanogos.d.Compute Timpanogos's regular tax liability for 2011.e.Determine Timpanogos's alternative minimum tax, if any.
Explanation
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a.impanogos's taxable income is $1,512,0...
McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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