Question

Perk Corporation is subject to tax only in State A. Perk generated the following income and deductions.
Federal taxable income ............... $300,000
State A income tax expense ............. 15,000
Refund of State A income tax ............ 3,000
Depreciation allowed for Federal tax purposes .... 200,000
Depreciation allowed for state tax purposes ..... 120,000
Federal taxable income is the starting point in computing A taxable income. State income taxes are not deductible for A tax purposes. Determine Perk’s A taxable income.


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  • CreatedSeptember 09, 2015
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