NS Corporation reports bo
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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Question
![LNS Corporation reports book income of $2,940,000. Included in the $2,940,000 is $17,500 of tax-exempt interest income. LNS
reports $2,560,000 in ordinary and necessary business expenses. What is LNS Corporation's taxable income for the year?
Answer is complete but not entirely correct.
$ 640,000
Taxable income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe4b6eabf-fdcd-4e0b-9c46-652cc0cb6449%2F7904eeb2-b6a9-4fd1-8e97-3ec03a589bf3%2Fsv8j9ws_processed.jpeg&w=3840&q=75)
Transcribed Image Text:LNS Corporation reports book income of $2,940,000. Included in the $2,940,000 is $17,500 of tax-exempt interest income. LNS
reports $2,560,000 in ordinary and necessary business expenses. What is LNS Corporation's taxable income for the year?
Answer is complete but not entirely correct.
$ 640,000
Taxable income
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