Upsilon Consulting

• Upsilon Consulting reported taxable income of $3,500,000.
• $500,000 in consulting fees were not reported.
• $200,000 in tax-deductible contributions were not deducted.
• A tax credit of $150,000 for green building initiatives was not applied.

Requirement: Adjust the taxable income and compute the correct tax liability at a corporate tax rate of 29%. Identify and correct the errors.

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