Walter Corporation reports $500,000 of taxable income in the current year. Determine its book income if tax

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Walter Corporation reports $500,000 of taxable income in the current year. Determine its book income if tax depreciation was $15,000 more than book depreciation, its deductible meals and entertainment expenses were $40,000, and it had $10,000 of tax-exempt income.

a. $500,000

b. $485,000

c. $315,000

d. $285,000

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Related Book For  answer-question

Taxation For Decision Makers 2018

ISBN: 9781119373735

8th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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