Question
Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest and a $2,000 non-deductible fine. Also included in
Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest and a $2,000 non-deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30% owned corporation.
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