Tuna Corporation reported pretax book income of $1,017,000. During the current year, the net reserve for warranties increased by $33,500. In addition, book depreciation exceeded tax depreciation by $117,000. Finally, Tuna subtracted a dividends received deduction of $23,500 in computing its current-year taxable income. Book equivalent of taxable income is:
Tuna Corporation reported pretax book income of $1,017,000. During the current year, the net reserve for warranties increased by $33,500. In addition, book depreciation exceeded tax depreciation by $117,000. Finally, Tuna subtracted a dividends received deduction of $23,500 in computing its current-year taxable income. Book equivalent of taxable income is:
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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Tuna Corporation reported pretax book income of $1,017,000. During the current year, the net reserve for warranties increased by $33,500. In addition, book
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