Compute their taxable income and income tax

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Reference no: EM131480875

The Outdoor Man, a calendar year, accural based corporation, reported $1 million of net income after tax on its financial statements prepared in accordance with U.S. Generally Accepted Accounting principles. The corporation's books and records show the following:

Outdoor Man's federal income tax expense per books was $400,000.

Outdoor Man recorded $8,000 of meals and entertainment costs.

Outdoor Man earned $1,000 of municipal bond interest income.

Outdoor Man's depreciation expense for book purposes was $25,000. Tax MACRS depreciation was $40,000.

a. Using the Corporate Rate Schedule provided, compute their taxable income and income tax.

b. List the temporary items

c. List the permanent items

Reference no: EM131480875

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