Question
Star Corp., a publicly traded, accrual-method C corporation, had the following income in 2020: Revenue from sales: $10,000,000 Muni bond interest: $101,691 Corporate bond interest:
Star Corp., a publicly traded, accrual-method C corporation, had the following income in 2020: Revenue from sales: $10,000,000 Muni bond interest: $101,691 Corporate bond interest: $188,182 Star Corp. incurred the following expenses in 2020 (all of which are ordinary and neccessary): Office rent: $139,906 CEO compensation: $1,183,748 Client entertainment: $148,800 (100% of the amount paid) Meals: $210,882 (100% of the amount paid) Advertising: $120,556 Federal income taxes: $1,303,926 What is Star Corp.'s total taxable income for the year? Round your answer to the nearest whole dollar.
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