Question

The following information for 2014 relates to Sparrow Corporation, a calendar year, accrual method taxpayer.
Net income per books (after-tax) ........ $174,100
Federal income tax per books............ 86,600
Tax-exempt interest income............. 4,500
MACRS depreciation in excess of straight-line depreciation used for
financial accounting purposes............ 7,200
Excess of capital loss over capital gains........ 9,400
Nondeductible meals and entertainment........ 5,500
Interest on loan to purchase tax-exempt bonds.... 1,100
Based on the above information, use Schedule M–1 of Form 1120, which is available on the IRS website, to determine Sparrow’s taxable income for 2014.


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  • CreatedMay 25, 2015
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