Question
Tank Corporation financial statement shows $3,500,000 of gross income. Included in the $3,500,000 is $150,000 of life insurance proceeds collected after the death of the
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Tank Corporation financial statement shows $3,500,000 of gross income. Included in the $3,500,000 is $150,000 of life insurance proceeds collected after the death of the CEO this tax year. Tank Co. reported $1,345,000 in ordinary and necessary business expenses.
What is LBCs taxable income for the year?
a. 2,155,000
b. 3,350,000
c. 3,500,000
d. 2,005,000
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
