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3. Heron Corporation, a calendar year, accrual basis taxpayer, provides the following information for this year and asks you to determine taxable income. Net income
3. Heron Corporation, a calendar year, accrual basis taxpayer, provides the following information for this year and asks you to determine taxable income. Net income per books (after-tax) $239,700 Federal income tax liability Interest income from tax-exempt bonds 59,300 5,000 Life insurance proceeds received as a result of death of Heron's president Premiums paid on policy on life of Heron's president Excess of capital losses over capital gains 100,000 4,500 2,000 Tax depreciation in excess of book depreciation 7,500
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