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(2 Points) Based on the following information, use the Schedule M-1 technique we discussed in Chapter 17 to determine the amount of this C-Corporations taxable
(2 Points) Based on the following information, use the Schedule M-1 technique we discussed in Chapter 17 to determine the amount of this C-Corporations taxable income. Net income per GAAP $255,000 Federal income tax expense $ 70,000 Tax-Exempt interest income $ 4,000 Tax Depr > Book Depr $ 7,000 100% Nondeductible entertainment $ 5,000 a. $333,000 b. $319,000 c. $249,000 d. $309,000
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