Determine the taxable income-federal taxes

Reference no: EM13321895

Lynn Construction Company had a gross income of $50,000,000 in tax-year one, $12,500,000 in salaries, $5,575,000 in wages, $1,200,000 in depreciation expenses, a loan principal payment of $450,000, and a loan interest payment of $500,000. Determine the taxable income, federal taxes, and net income for the first year.

Reference no: EM13321895

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