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The following information is available for Stride Corporation: Taxable income 125,000.00 Federal income taxes 30,400.00 Life insurance proceeds on key employee (tax-exempt) 36,000.00 Premiums paid
The following information is available for Stride Corporation: | ||
Taxable income | 125,000.00 | |
Federal income taxes | 30,400.00 | |
Life insurance proceeds on key employee (tax-exempt) | 36,000.00 | |
Premiums paid for life insurance on key employees (tax-exempt) | 1,200.00 | |
Tax-exempt interest income | 9,100.00 | |
Interest paid on loan to acquire tax-exempt bonds | 1,400.00 | |
MACRS depreciation in excess of straight-line used for book purposes | 6,000.00 | |
Net capital loss | 9,200.00 | |
Contributions in excess of the 10% limit | 12,500.00 | |
Determine Stride Corporation's net income per books? | ||
(I would highly recommend setting up a template that matches the Schedule M-1 from the Form 1120) |
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