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5.) Ollie Inc. has book income of $250,000. The following information is available: a. Ollie received a $20,000 dividend from a large publicly-traded domestic corporation.
5.) Ollie Inc. has book income of $250,000. The following information is available: a. Ollie received a $20,000 dividend from a large publicly-traded domestic corporation. Ollie owns less than 1% of the stock of the company. b. Income tax expense on the financial statements was $75,000. c. Depreciation expense on the financial statements was $50,000 less than depreciation determined using tax laws. d. Ollie received life insurance proceeds of $40,000. e. Charitable contributions of $45,000 were made. Determine the taxable income of Ollie
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