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plz help asap, thank u in advance!! Westem Corporation, a calendar year, accrual basis corporation, reported $500,000 of net income after tax on its financial
plz help asap, thank u in advance!!
Westem Corporation, a calendar year, accrual basis corporation, reported $500,000 of net income after tax on its financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: - Western's book income included $15,000 of dividends, received from a domestic corporation in which Western owns less than 1% of the outstanding stock. - Western's depreciation expense per books was $55,000, and its MACRS depreciation was $70,000. - Westem earned $5,000 of interest from municipal bonds and $6,000 of interest from corporate bonds. - Western's capital losses exceeded its capital gains by $2,000. - Western's federal income tax expense per books was $103,000. Compute Western's federal taxable income and regular tax liability Step by Step Solution
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