Calculate loquat corporations taxable income

Reference no: EM132744929

Question: The Loquat Corporation has book net income of $64,000 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 $9,600

- Depreciation deducted on the books which is not deductible for tax purposes 12,800

- Deduction for 50 percent of meals expense which is not allowed for tax purposes 5,760

- Deduction for a tax penalty not allowed for tax purposes 2,560

- Tax-exempt interest income included in book income but not in tax income 3,840

Calculate Loquat Corporation's taxable income for the current year based on the information given.

Reference no: EM132744929

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