Question
The following information for 2016 relates to WeekEnders Corporation, a calendar year, accrual method taxpayer. Net income per books (after-tax) $174,100 Federal income tax expense
The following information for 2016 relates to WeekEnders Corporation, a calendar year, accrual method taxpayer.
Net income per books (after-tax) $174,100
Federal income tax expense per books $86,600
Tax-exempt interest income $4,500
MACRS depreciation in excess of straight-line depreciation used for financial statement purposes $7,200
Excess of capital loss over capital gains $9,400
Nondeductible meals and entertainment $5,500
Interest on loan to purchase tax-exempt bonds $1,100
Based on the above information, use Schedule M1 of Form 1120 to determine Weekly's taxable income for 2016.
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