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Burcham Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $251,000 of tax-exempt municipal bond
Burcham Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $251,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $36,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit
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