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A corporation had net income per the books before federal income taxes of $860,000 for the current year. The following items were included in the determination of net income: Business bad debt expense Net capital loss Life insurance premiums paid on key employees (corporation was beneficiary and owner of the policies) $38,000 45,000 20,000 The total amount of customer accounts written off during the year was $26,000. What is the taxable income the corporation will report on Schedule M-17 A. $892,000 B. $899.000

A corporation had net income per the books before federal income taxes of $860,000 for the current year. The following items were included in the determination of net income: Business bad debt expense Net capital loss Life insurance premiums paid on key employees (corporation was beneficiary and owner of the policies) $38,000 45,000 20,000 The total amount of customer accounts written off during the year was $26,000. What is the taxable income the corporation will report on Schedule M-17 A. $892,000 B. $899.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A corporation had net income per the books before federal income taxes of $860,000 for the current year. The following items were included in the determination of net income: Business bad debt expense Net capital loss Life insurance premiums paid on key employees (corporation was beneficiary and owner of the policies) $38,000 45,000 20,000 The total amount of customer accounts written off during the year was $26,000. What is the taxable income the corporation will report on Schedule M-17 A. $892,000 B. $899.000
Transcribed Image Text:A corporation had net income per the books before federal income taxes of $860,000 for the current year. The following items were included in the determination of net income: Business bad debt expense Net capital loss Life insurance premiums paid on key employees (corporation was beneficiary and owner of the policies) $38,000 45,000 20,000 The total amount of customer accounts written off during the year was $26,000. What is the taxable income the corporation will report on Schedule M-17 A. $892,000 B. $899.000
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