Question
Jim Ltd.s accounting income and taxable income information for the 2020 fiscal year is set out below. Jim Ltd. is a public company. Net Income
Jim Ltd.s accounting income and taxable income information for the 2020 fiscal year is set out below. Jim Ltd. is a public company.
Net Income (accounting pre-tax) $ 920,000
Dividends received (accounting) $ 404,000
Capital Gains realized (accounting) $ 472,000
Meals & Entertainment deducted (accounting) $ 120,000
Golf Club Dues deducted (accounting) $ 80,000
Political Contributions deducted (accounting) $ 20,000
Depreciation deducted (accounting) $ 200,000
Capital Cost Allowance deducted (taxation) $ 240,000
Determine Jim Ltd.s taxable income for the 2020 fiscal year.
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