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 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.

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer