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Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a
Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2,000 non-deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30 percent owned corporation.
Using this information and Form 1120, provide the amounts that go on each line on the form.
Click here to access a blankForm 1120and accompanying instructions.
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