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For the current tax year, Fannie Corporation, an Accrual Basis calendar year corporation, had the following information: Net Income Per Books ( after - tax
For the current tax year, Fannie Corporation, an Accrual Basis calendar year corporation, had the following information:
Net Income Per Books aftertax $
Premiums On Life Insurance Policy On Its Key Employees
Excess Capital Losses
Excess Tax Depreciation
MACRS Depreciation in excess of Financial Accounting Book
Depreciation
Life Insurance Proceeds On Life Of Its Key Employees
Rental Income Received In Current Tax Year
$ Is Prepaid Unearned Revenue And Relates To Next Tax Year
TaxExempt Interest Income On Municipal Bonds
Expenses Related To TaxExempt Interest Income
Prepaid Rent Unearned Revenue Received And Properly Taxed
In Prior Tax Year But Not Earned For Financial Accounting
Purposes Until Current Tax Year
Federal Income Tax Liability For Current Tax Year
Fannie Corporation is the beneficiary of this Life Insurance Policy.
REQUIRED:
Using the Schedule M format, determine the Taxable Income for Fannie Corporation for the current tax year.
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