Question: For the year ended December 31, 2010, Dodd Corp. had net income per books of $100,000. Included in the computation of net income were the

For the year ended December 31, 2010, Dodd Corp. had net income per books of $100,000. Included in the computation of net income were the following items:

Provision for federal income tax $27,000 Net long-term capital loss 5,000 Keyman life insurance premiums

(corporation is beneficiary) 3,000 Dodd’s 2010 taxable income was

a. $127,000

b. $130,000

c. $132,000

d. $135,000

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