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Future, Inc. reported the following results for the year:

Net income per books $110,000
Federal income taxes 36,170
Life insurance proceeds on key employee 15,000
Tax-exempt interest income 13,000
Net capital loss 25,000

Future's taxable income for the year was:

a. $123,170

b. $143,170

c. $72,000

d. $135,000

e. $107,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M938564

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