LO.4 Puce, a calendar year C corporation, had the following Schedule M1 transactions on its Form 1120
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LO.4 Puce, a calendar year C corporation, had the following Schedule M–1 transactions on its Form 1120 for 2012:
Taxable income $100,000 Federal income tax 22,250 Excess capital losses over capital gains 4,000 Life insurance proceeds received on the death of Puce’s vice president 100,000 Premiums paid on life insurance policy 1,000 Interest on tax-exempt bonds 10,000 What is Puce Corporation’s net income per books for 2012?
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Related Book For
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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