Question: Lambda Real Estate Lambda Real Estate reported taxable income of $3,000,000. $500,000 in repairs and maintenance costs were capitalized. $200,000 in property tax expenses were

Lambda Real Estate
•Lambda Real Estate reported taxable income of $3,000,000.
•$500,000 in repairs and maintenance costs were capitalized.
•$200,000 in property tax expenses were not deducted.
•A tax credit of $100,000 for low-income housing investments was missed.
Requirement: Adjust the taxable income and calculate the correct tax liability at a corporate tax rate of 30%. Highlight and correct the errors.

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