The Loquat Corporation has book net income of $222,400 for the current year. Included in this figure are the following items, which are reported on the corporation’s Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return. • Federal income tax expense $33,360 • Depreciation deducted on the books which is not deductible for tax purposes 44,480 • Deduction for 50 percent of meals expense which is not allowed for tax purposes 20,016 • Deduction for a tax penalty not allowed for tax purposes 8,896 • Tax-exempt interest income included in book income but not in tax income 13,344 Calculate Loquat Corporation’s taxable income for the current year based on the information given.
https://helpmewriteessay.xyz/wp-content/uploads/2021/08/whatsapp-logo-300x115.jpeg 0 0 First class essays https://helpmewriteessay.xyz/wp-content/uploads/2021/08/whatsapp-logo-300x115.jpeg First class essays2022-04-21 06:21:242022-04-21 06:21:24The Loquat Corporation has book net income of $222,400 for the current year. Included in this figure are the following items, which are reported on