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For 2020, ross corporation had pretax ordinary income of $500,000 and sold for $154,000 an asset purchased previously for $130,000. calculate the tax liability for the company.

Sagot :

In 2020,

Ross corporation had pretax ordinary Income= $500,000

Sold for = $154,0000

purchased previously for = $130,000

Tax liability for the company is $110040

Total Income =

Calculation

$500000+($154,000-$130000)

=$524000

In 2020,Tax liability was 21%

221/100*$524,000

Tax liability =

$110,040

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