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In 2018, Cave has net book income of $1,500,000. Net book income includes $250,000 of book income tax expense, $15,000 of municipal bond interest income,
In 2018, Cave has net book income of $1,500,000. Net book income includes $250,000 of book income tax expense, $15,000 of municipal bond interest income, $5,000 of fines and $100,000 of business meals expense and $20,000 of entertainment expenses. Based only on these items, compute Cave's taxable income.
Select one: a. $1,560,000 b. 1,800,000 c. $1,810,000 d. $1,645,000
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