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Problem 2 The ABC Corporation has net income reported on its books of $120,500. For the current year, the corporation had a federal income tax
Problem 2 The ABC Corporation has net income reported on its books of $120,500. For the current year, the corporation had a federal income tax expense of $30,000, a net capital loss of $8,300, and a tax-exempt interest income of $5,300. The company deducted a depreciation of $20,000 on its tax return and $15,000 on its books. Calculate the ABC Corporation's taxable income
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