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Determine the amount of Spruce taxable income

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Reference no: EM132923874

Question - The following information for 2020 related to Spruce Corporation, a calendar year, accrual basis taxpayer. Determine the amount of Spruce's taxable income for the year using this information.

Net Income per books (after tax) $263,000

Federal Income tax expense per books $54,000

Interest income from tax-exempt bonds $28,000

Depreciation per books $22,000

Depreciation per MACRS $29,000

Premium paid on life insurance for president of corporation $12,000

Excess capital losses over capital gain $7,000

Reference no: EM132923874

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