Esslinger Corporation has income per books before tax of $300,000. Included in the income per books is

Question:

Esslinger Corporation has income per books before tax of $300,000. Included in the income per books is $4,000 interest income from tax-exempt municipal bonds. Esslinger also deducted $20,000 for business meal expenses, $3,000 for premiums on officers’ life insurance policies (the corporationis the beneficiary for these policies), and $100 for fines. What is Esslinger Corporation’s taxable income?
a. $296,100
b. $299,100
c. $306,100
d. $309,100
e. $313,100

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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