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9-For the year ended December 31, 2020, Prunus, Inc., reported net income before federal income tax expense of $800,000 per the corporation's books. This figure
9-For the year ended December 31, 2020, Prunus, Inc., reported net income before federal income tax expense of $800,000 per the corporation's books. This figure included the following items:
Interest income on tax-exempt municipal securities, $30,000 Loss on sale of land acquired in 1997 as an investment, $40,000 Interest expense on loan to purchase tax-exempt municipal securities, $10,000 What is the taxable income of Prunus, Inc. for 2020?
$800,000 | |
$820,000 | |
$830,000 | |
$870,000 |
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