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What is Fox net income for the year

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Question - For the year ended December 31, Fox Co.'s books showed income of $900,000 before provision for income tax expense. To compute taxable income for federal income tax purposes, the following items should be noted:

Income from exempt municipal bonds $80,000

Depreciation deducted for tax purposes in excess of depreciation recorded on the books 200,000

Proceeds received from TERM life insurance on death of officer 160,000

Estimated tax payments 0

Enacted corporate tax rate 40%

Required - What is Fox's net income for the year?

Reference no: EM132722677

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