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Compute what is the taxable income

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Reference no: EM132721296

A corporation reported its first profits in 2020 since its start-up in 2017. The following summarizes its results of operations:

Sales, net of discounts and allowances - 5,000,000

Cost of Sales - 2,000,000

Regular Allowable deductions - 1,200,000

Special Allowable deductions - 500,000

Problem 1: What is the taxable income?

Reference no: EM132721296

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