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4. The following information for 2020 related to Spruce Corporation, a calendar year, accrual basis taxpayer. Determine the amount of Spruces taxable income for the
4. The following information for 2020 related to Spruce Corporation, a calendar year, accrual basis taxpayer. Determine the amount of Spruces taxable income for the year using this information.
Net Income per books (after tax) $263,000
Federal Income tax expense per books $54,000
Interest income from tax-exempt bonds $28,000
Depreciation per books $22,000
Depreciation per MACRS $29,000
Premium paid on life insurance for president of corporation $12,000
Excess capital losses over capital gain $7,000
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