What amount should be reported as taxable income
Course:- Business Management
Reference No.:- EM13706030

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In Year 1, Cape Company recorded book income of $140,000. Included in that amount was $50,000 for meal and entertainment expenses and $40,000 for federal income tax expenses. In Cape's schedule M-1 of Form 1120, which reconciles book income and taxable income, what amount should be reported as taxable income?

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