For the current year, Maple Corporations book income before federal income tax was $100,000. Included in this
Question:
For the current year, Maple Corporations book income before federal income tax was $100,000. Included in this $100,000 were the following: Provision for state income tax $1,000 Interest earned on U.S. Treasury bonds 6,000 Interest expense on bank loan to purchase U.S. Treasury bonds 2,000 Maples taxable income for the current year was,
Azure, a C corporation, reports the following: Pretax book income of $543,000. Depreciation on the tax return is $20,000 greater than depreciation on the financial statements. Rent income reportable on the tax return is $36,000 greater than rent income per the financial statements. Fines for pollution appear as a $10,000 expense in the financial statements. Interest earned on municipal bonds is $25,000. What is Azures taxable income?
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill