Whether the following items will adjust net income per books to compute taxable income by indicating Yes or No in the applicable answer text box and

1. whether any adjustment will be an increase or decrease in net income per books by indicating Increase or Decrease in the applicable answer text box.

Item	Adjustment?	Increase / Decrease
1. $87,000 of straight-line depreciation on a corporation's books. Depreciation reported on their tax return was $74,000.
2. Interest income from Treasury and commercial bonds.
3. A corporation had $56,000 of capital losses and $63,000 of capital gains.
4. Charitable contributions (not for relief efforts) equal to $80,000. Taxable income without regard to the contributions was $299,000.
5. Federal income tax paid.
6. Life insurance proceeds received upon the death of key personnel. The amount received was less than the premiums paid on the insurance policy.

Answer rating: 100% (QA)

1 No adjustment required in books this will increase taxable income 2Yes adjustment requir... View the full answer