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XYZ is a calendar - year corporation that began business on January 1 , 2 0 2 3 . For the year, it reported the
XYZ is a calendaryear corporation that began business on January For the year, it reported the following information in its currentyear audited Income statement. Notes with important tax information are provided below. Use Exhibit
rata share of s earnings.
This galn is from equils income, $ was from a City of Seattle bond, $ was from a Tacoma City bond, $ was from a fully taxable corporate bond, ancl the remalning $ was from a money market account.
This Includes total officer comper
This amount is the portion of incentive stock option compensatlon that was expensed during the year reciplents are officers
TrZ actually wrote off $ of its accounts recelvable as uncollectrble.
XYZ made $ of cash contre any actual payments on warrantles it provided to customers.
XYZ expensed all of Its organizational expenditures for book purposes. XYZ expensed the maxImum amount of organizational expenditures allowed for tax purposes.
The other expenses do not contaln any ltems with booktax differences. This is an estimated tax provision federal tax expense for the year Assit
EstImated tax Information:
Finally, assume that XYZ is not a large corporation for purposes of estlmated tax calculations.
Note: Do not round intermediate calculations. Round your answers to the nearest dollar amount.
compute taxable income and tax liability
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