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1. Corporation H's auditors prepared the following reconciliation between book and taxable income. H's tax...

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Accounting

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1. Corporation H's auditors prepared the following reconciliation between book and taxable income. H's tax rate is 21 percent. Net income before tax $600,000 Temporary book-tax differences (76,000) Taxable income $524,000 Compute Corporation H's deferred tax assets or deferred tax liabilities (identify which) for the year. 2. Hall Corporation plans to invest $5.5 million in rehabilitating a certified historic structure. Calculate the net present value of this investment based on Hall's allowable rehabilitation credit. Assume Hall uses a 5 percent discount rate to calculate present value. 3. Griffin Corporation received $50,000 of dividend income from Eagle, Inc. Griffin owns 5 percent of the stock of Eagle. Griffin's marginal tax rate is 21 percent. a. Calculate Griffin's allowable dividends-received deduction and the tax due from the dividend received from Eagle after deducting DRD. b. How would your answers to part a change if Griffin owned 55 percent of the stock of Eagle? C. How would your answers to part b change if Griffin owned 85 percent of the stock of Eagle

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