Cape Co. reported book income of $140,000. Included in that amount was $50,000 for meal expenses...

 

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Cape Co. reported book income of $140,000. Included in that amount was $50,000 for meal expenses and $40,000 for federal income tax expense. In Cape's Schedule M-1 of Form 1120, which reconciles book income and taxable income, what amount should be reported as taxable income? Cape Co. reported book income of $140,000. Included in that amount was $50,000 for meal expenses and $40,000 for federal income tax expense. In Cape's Schedule M-1 of Form 1120, which reconciles book income and taxable income, what amount should be reported as taxable income?

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In Cape Cos Schedule M1 of Form 1120 which reconciles book income and taxable income the follo... View the full answer