For the year ended December 31, 2020, Prunus, Inc., reported net income before federal income tax expense
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Question:
For the year ended December 31, 2020, Prunus, Inc., reported net income before federal income tax expense of $800,000 per the corporation's books. This figure included the following items:
Interest income on tax-exempt municipal securities, $30,000
Loss on sale of land acquired in 1997 as an investment, $40,000
Interest expense on loan to purchase tax-exempt municipal securities, $10,000
What is the taxable income of Prunus, Inc. for 2020?
$800,000 | |
$820,000 | |
$830,000 | |
$870,000 |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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