Calculate Loquat Corporation taxable income for current year

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Reference no: EM132761148

Question - The Loquat Corporation has book net income of $64,000 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return.

Federal income tax expense $9,600

Depreciation deducted on the books which is not deductible for tax purposes 12,800

Deduction for 50 percent of meals expense which is not allowed for tax purposes 5,760

Deduction for a tax penalty not allowed for tax purposes 2,560

Tax-exempt interest income included in book income but not in tax income 3,840

Required - Calculate Loquat Corporation's taxable income for the current year based on the information given.

Reference no: EM132761148

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