Jackson Corporation Assignment | Homework Help Websites

Jackson Corporation prepared the following book income statement for its year ended

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

December 31, 2018:

Sales $950,000

Minus: Cost of goods sold (450,000)

Gross profit $500,000

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

Plus: Dividends received on Invest Corporation stock $ 3,000

Gain on sale of Invest Corporation stock 30,000

Total dividends and gain 33,000

Minus: Depreciation ($7,500 + $52,000) $ 59,500

Bad debt expense 22,000

Other operating expenses 105,500

Loss on sale of Equipment 1 70,000

Total expenses and loss (257,000)

Net income per books before taxes $276,000

Minus: Federal income tax expense (90,000)

Net income per books $186,000

Information on equipment depreciation and sale:

Equipment 1:

  • Acquired March 3, 2016 for $180,000
  • For books: 12-year life; straight-line depreciation
  • Sold February 17, 2018 for $80,000

Sales price $ 80,000

Cost $180,000

Minus: Depreciation for 2016 (½ year) $ 7,500

Depreciation for 2017 ($180,000/12) 15,000

Depreciation for 2018 (½ year) 7,500

Total book depreciation (30,000)

Book value at time of sale (150,000)

Book loss on sale of Equipment 1 $(70,000)

  • For tax: Seven-year MACRS property for which the corporation made no Sec. 179

election in the acquisition year and elected out of bonus depreciation.

how to do Harvard referencing

Equipment 2:

election in 2017 but elected out of bonus depreciation.

Other information:

  • Under the direct writeoff method, Jackson deducts $15,000 of bad debts for tax purposes.
  • Jackson has a $40,000 NOL carryover and a $6,000 capital loss carryover from last year.
  • Jackson purchased the Invest Corporation stock (less than 20% owned) on June 21,

2016, for $25,000 and sold the stock on December 21, 2018, for $55,000.


  1. For 2018, calculate Jackson’s tax depreciation deduction for Equipment 1 and

Equipment 2, and determine the tax loss on the sale of Equipment 1.

  1. For 2018, calculate Jackson’s taxable income and tax liability.
  2. Prepare a schedule reconciling net income per books to taxable income before special

deductions (Form 1120, line 28).

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Homework Writing Services
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
English 101
Good one.
Customer 453625, May 25th, 2022
Good discussion.
Customer 462359, April 4th, 2022
Always use AP Style for your headings https://capitalizemytitle.com/style/AP/
Customer 452441, April 11th, 2022
Business and administrative studies
Outstanding work!!
Customer 460073, August 4th, 2022
Business and administrative studies
Good work.
Customer 459947, June 4th, 2022
Good job
Customer 456821, December 26th, 2022
Keep it up
Customer 452441, April 26th, 2022
Extremely well written, perfect for what I needed
Customer 454393, May 21st, 2020
Business Studies
Excellent work
Customer 453413, February 14th, 2020
Job well done!!!
Customer 453939, February 24th, 2020
Excellent work
Customer 456821, March 22nd, 2022
Although I did not receive my paper on time, the customer care team ensured that I would receive a quality paper. I am pleased with the revision of this paper.
Customer 452455, March 2nd, 2023
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat