10. Chapter 16 Taxable Income Calculation
Book income was		375,000
Permanent Differences:
Muni Interest		9,000
Non-deductible Expenses		18,000
Temp. Differences:
Installment Sale not reported for tax		78
Unrealized loss from investments		45,000
Prepaid Expenses (deductible for tax when paid)		12,000
Rent collected in Advance (taxed when received)		56,000
Required: Show Your Work!
1. Calculate Taxable Income