Johnson Co.is a CCPC with active business income of $350,000 in 20xx.The company engages in retail and wholesale activities.Capital gains recognized by the company in 20xx totaled $84,000.
Johnson Co.will utilize a net capital loss carry-over of $28,000 on its 20xx tax return.
Required:
Applying tax rates and amounts for 2019,calculate the following for Johnson Co.for 20xx:
a)Net Income for Tax Purposes
b)Taxable Income
c)Federal Tax

Question

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The Answer of Johnson Co.is a CCPC with active business income of $350,000 in 20xx.The company engages in retail and wholesale activities.Capital gains recognized by the company in 20xx totaled $84,000.
Johnson Co.will utilize a net capital loss carry-over of $28,000 on its 20xx tax return.
Required:
Applying tax rates and amounts for 2019,calculate the following for Johnson Co.for 20xx:
a)Net Income for Tax Purposes
b)Taxable Income
c)Federal Tax