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Net Income per books Federal Income Taxes Life Insurance proceeds on key employee Tax Exempt interest Net Capital Loss 40,000 8,400 100,000 25,000 10,000 6,000

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Net Income per books Federal Income Taxes Life Insurance proceeds on key employee Tax Exempt interest Net Capital Loss 40,000 8,400 100,000 25,000 10,000 6,000 Premium on life insurance Calculate Taxable Income

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