In 2019, Ellie Inc. had book income of 8,600,000, including $40,000 of interest income from...
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In 2019, Ellie Inc. had book income of 8,600,000, including $40,000 of interest income from tax-exempt municipal bonds and $200,000 in life insurance proceeds from CEO's death. Ellie Inc. reported $3,800,000 of regular business expenses for book (this does not include Federal income tax expense for books in 2019). Included in regular business expenses was $12,000 for fines paid to OSHA and depreciation recorded for book was $40,000. Depreciation under MACRS (for tax) is $65,000. Identify each book-tax difference (description and amount) and determine whether each one is permanent or temporary (P or T) and whether it is favorable or Identify each book-tax difference (description and amount) and determine whether each one is permanent or temporary (P or T) and whether it is favorable or unfavorable (F or U) (blanks 1-4). What is Ellie Inc.'s taxable income for 2019 (blank 5)? If Ellie Inc. made $850,000 of estimated tax payments (prepayments) throughout the tax year, what is its tax due or tax refund when it files its return (blank 6)? A AL
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