Peanut corporation reports the following information for, Ask an Expert

Finance

Peanut Corporation reports the following information for 2014:

Net Income per books 120,000

Dividends paid to shareholders 500

Federal Income taxes (accrued as an expense) 20,000

Net Capital loss (excess loss over gain) 5,000

Travel and entertainment (50% portion disallowed) 800

Insurance premiums paid on life of vice-president 1,000

Tax-exempt interest income 2,000

Tax deductions in excess of depreciation used for book purposes 1,400

Excess Charitable Contributions (In excess of annual limitation) 600

What is the taxable income for the corporation for 2014?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92724359

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