RECOMMENDED!!Converting Corporate Book Income to Taxable Income
Converting Corporate Book Income to Taxable Income A corporation has $400,000 of before-tax book income. In
determining this, the corporation included $50,000 from an insurance policy
paid because of the controller’s death, $4,000 of premiums on other key-person
life insurance policies, $10,000 interest on State of Nevada bonds, an addition
of $15,000 to its bad debt reserves (bad debt expense was $20,000), and book
depreciation of $34,000. The corporation’s tax depreciation is $29,000.
Calculate the corporation’s taxable income?
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