Exam Corporation reports taxable income of $800,000 on its federal income tax return. Given the following information
Question:
Exam Corporation reports taxable income of $800,000 on its federal income tax return. Given the following information from the corporation's records, determine its M-1 book income:
Deduction for federal income taxes per
financial accounting records $272,000
Depreciation claimed on the tax return 140,000
Depreciation recorded on the financial accounting records 80,000
Dividends-received deduction 48,000
Life insurance proceeds on death of corporate officer 90,000
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109144
20th Edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen