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Timpanogos Incorporated is an accrual - method, calendar - year corporation. For 2 0 2 3 , it reported financial statement income after taxes of
Timpanogos Incorporated is an accrualmethod, calendaryear corporation. For it reported financial statement income after taxes of $ Timpanogos provided the following information relating to its activities for the year:Life insurance proceeds as a result of CEO's death$ Revenue from sales for both book and tax purposesPremiums paid on the keyperson life insurance policies. The policies have no cash surrender valueCharitable contributionsCost of goods sold for book and tax purposesInterest income on taxexempt bondsInterest paid on loan obtained to purchase taxexempt bondsRental income payments received and earned in Rental income payments received in but earned in Rental income payments received in but not earned by yearendTax depreciationBook DepreciationNet capital lossFederal income tax expense for booksRequired:Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.Identify each booktax difference as either permanent P or temporary TComplete Schedule M for Timpanogos.Compute Timpanogos Incorporated's tax liability.
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