Timpanogos Inc. is an accrual-method calendar-year corporation. For 2017, it reported financial statement income after taxes of $1,452,000. Timpanogos provided the following information relating to its 2017 activities: Life insurance proceeds as a result of CEO's death Revenue from sales (for both book and tax purposes) Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. Charitable contributions Interest income on private activity tax-exempt bonds issued in 2014. paid on loan obtained to purchase tax-exempt bonds payments received and earned in 2017. Tehoren Interest Rental income Rental Rental income income payments received in 2016 but earned in 2017 payments received in 2017 but not earned by year-end Rental MACRS depreciation Book Depreciation Alternative minimum tax depreciation. Net capital loss. Federal income tax expense for books in 2017 $200,000 2,000,000 21,000 180,000 40,000 45.000 45,000 15.000 15,000 10.000 10,000 30.000 30,000 55,000 55.000 25,000 50,000 42,000 500,000

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