Reference no: EM133155742
Question - The Loquat Corporation has book net income of $110,800 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 $16,620
Depreciation deducted on the books which is not deductible for tax purposes 22,160
Deduction for 50 percent of meals expense which is not allowed for tax purposes 9,972
Deduction for entertainment not allowed for tax purposes 4,432
Tax-exempt interest income included in book income but not in tax income 6,648
Required - Calculate Loquat Corporation's taxable income for the current year based on the information given.
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