For 2022, Tar Heel Inc. has a pretax accounting income of $2 million. Included in Tar Heels
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Question:
For 2022, Tar Heel Inc. has a pretax accounting income of $2 million. Included in Tar Heel’s pretax accounting income are:
Depreciation expense $200,000
Salary and wage expense 300,000
Maintenance expense 125,000
Goodwill impairment 50,000
Tax-exempt interest on municipal bonds 20,000
Tar Heel’s depreciation for tax purposes was $290,000 for 2022. Tar Heel received no dividends during the year, but paid $30,000 in dividends during the year.
What is Tar Heel’s 2022 taxable income?
Expert Answer:
Calculation of Taxable Income of Tar Heel Inc for 2022 Particulars Amount Accounting ... View the full answer
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