Solved: Tax-free municipal bond interest income 50000 how much, Accounting Basics

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Tax-free municipal bond interest income 50000 how much

Question - A Corporation's operations for the year:

Operating income $500,000

Capital gain 100,000

Capital loss (250,000)

Dividend income (< 20% owned) 50,000

Tax-free municipal bond interest income 50,000

In addition it had made charitable contributions in the preceding year that could not be deducted due to the 10% of TI limit in the amount of $15,000, which were carried over to the current taxable year for deduction, if allowed.

How much taxable income does report on its form 1120, Corporate Income Tax Return?

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Accounting Basics: Tax-free municipal bond interest income 50000 how much

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