Star Corp., a publicly traded, accrual-method C corporation, had the following income in 2020: 

Revenue from sales: $10,000,000 

Muni bond interest: $101,691 

Corporate bond interest: $188,182 

Star Corp. incurred the following expenses in 2020 (all of which are ordinary and neccessary):

 Office rent: $139,906 

CEO compensation: $1,183,748 

Client entertainment: $148,800 (100% of the amount paid) 

Meals: $210,882 (100% of the amount paid) 

Advertising: $120,556 Federal income taxes: $1,303,926.

What is Star Corp.'s total taxable income for the year? Round your answer to the nearest whole dollar.

Answer rating: 100% (QA)

First we need to calculate total taxable income and deduct ... View the full answer