25 May Question 11. (LO 2) Describe how goodwill recognized in an asset acquisition leads to temporary book-tax differences.
Question
11. (LO 2) Describe how goodwill recognized in an asset acquisition leads to temporary book-tax differences.
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12. (LO 2) Describe the book-tax differences that arise from incentive stock options and nonqualified stock options granted before ASC 718 (the codification of FAS 123R) became effective.
13. (LO 2) Describe the book-tax differences that arise from incentive stock options granted after ASC 718 (the codification of FAS 123R) became effective.
14. (LO 2) Describe the book-tax differences that arise from nonqualified stock options granted after ASC 718 (the codification of FAS 123R)) became effective.
15. (LO 2) How do corporations account for capital gains and losses for tax purposes? How is this different than the way individuals account for capital gains and losses?
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16. (LO 2) What are the common book-tax differences relating to accounting for capital gains and losses? Do these differences create favorable or unfavorable book-to-tax adjustments?
17. (LO 2) What are the carryback and carryover periods for a net operating loss?
18. (LO 2) Is a corporation allowed to carry a net operating loss forward if it has income in prior years that it could offset with a carryback? Explain.
19. (LO 2) {Planning} What must a decision maker consider when deciding whether to carry back a net operating loss or to elect to forgo the carryback?
20. (LO 2) A corporation commissioned an accounting firm to recalculate the way it accounted for leasing transactions. With the new calculations, the corporation was able to file amended tax returns for the past few years that increased the corporation’s net operating loss carryover from $3,000,000 to $5,000,000. Was the corporation wise to pay the accountants for their work that led to the increase in the NOL carryover? What factors should be considered in making this determination?
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21. (LO 2) Compare and contrast the general rule for determining the amount of the charitable contribution if the corporation contributes capital gain property versus ordinary income property.
22. (LO 2) Which limitations might restrict a corporation’s
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