Based on the following information, calculate taxable income: Net income per books after taxes $175,000 Federal tax expense per books 25,000 Interest income from tax exempt bonds 3,000 Interest paid on loan incurred to purchase tax exempt bonds 500 MACRS depreciation in excess of S/L used for book purposes 14,000 Charitable contribution in excess of taxable income limitation 9,000 Goodwill 30,000

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To calculate taxable income we start with net income per books after taxes an... View the full answer