1.briefly describe the process of computing a corporation’s taxable

 

1.Briefly describe the process of computing a corporation’s taxable income assuming the corporation must use GAAP to determine its book income. How might the process differ for corporations not required to use GAAP for book purposes?

2.In general terms, identify the similarities and differences between the corporate taxable income formula and the individual taxable income formula.

McGraw-Hill’s Taxation of Individuals and Business Entities, 2017 Edition, Ch. 16

Corporate Income Tax Formula

KELLY OLEARY ,

1.What is the formula used to determine a corporation’s income tax liability?

McGraw-Hill’s Taxation of Individuals and Business Entities, 2017 Edition, Ch. 17

Deferred Taxes

KELLY OLEARY

1.What are deferred taxes?

2.Why must an organization take these into consideration?