robbiannb1399
05.05.2020 •
Business
Tapper Corp., an accrual-basis, calendar-year corporation, was organized on January 2, 2019. During 2019, revenue was exclusively from sales proceeds and interest income. The following information pertains to Tapper: Taxable income before charitable contributions for the year ended December 31, 2019 $500,000 Tapper’s matching contribution to employee-designated qualified universities made during 2019 10,000 Board of directors’ authorized contribution to a qualified charity (authorized December 1, 2019; made February 1, 2020) 30,000
What is the maximum allowable deduction that Tapper may take as a charitable contribution on
its tax return for the year ended December 31, 20X3?
$40,000
$0
$10,000
$30,000
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Ответ:
present value of the bonds' cash flows using the market interest rate.
Explanation:
IFRS stands for International Financial Reporting Standards. It is a set of the accounting rules as well as standards which determines how the accounting level can be reported in the business statements.
The IFRS is restrictive to the fair value choice option for any financial assets and also the liabilities.
Consistent with the IFRS, the fair value of the convertible bonds can be determined by the present value of the cash flow of the bonds by using the interest rate of the market.