Whether the following items will adjust net income per books to compute taxable income by indicating Yes
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Question:
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
- 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. |
Posted Date: