The Loquat Corporation has book net income of $50,000 for the current year. Included in this figure

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The Loquat Corporation has book net income of $50,000 for the current year. Included in this figure are the following items, which are reported on the corporation’s Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return.

Calculate Loquat Corporation’s taxable income for the current year based on the information given. Show your calculations.

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Related Book For  answer-question

Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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