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Determine the amount of taxable income and separately stated items in each of the cases below. Assuming the corporation is a Subchapter S corporation. Ignore
Determine the amount of taxable income and separately stated items in each of the cases below. Assuming the corporation is a Subchapter S corporation. Ignore any carryforward items. Required: a. Corporate financial statement: net income of $56,250 including tax expense of $16,700, charitable contributions of $3,000, and depreciation expense of $39,550. Depreciation expense for tax purposes is $48,720. b. Corporate financial statement: net income of $145,800 including tax expense of $70,550, charitable contributions of $28,000, depreciation expense of $107,250, and nonrestaurant meals expenses of $32,700. Depreciation expense for tax purposes is $150,100. c. Corporate financial statement: net income of $233,650 including tax expense of $114,060, charitable contributions of $16,000, municipal bond interest of $21,210, nonrestaurant meals expenses of $46,100, capital gains of $6,850, and depreciation expense of $147,950. Depreciation expense for tax purposes is $135,250, and the corporation has a $7,595 charitable contribution carryforward for the current year. Complete the question by entering your answers in the tabs below. Corporate financial statement: net income of $56,250 including tax expense of $16,700, charitable contribution and depreciation expense of $39,550. Depreciation expense for tax purposes is $48,720
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