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Determine Fallow X taxable income

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Reference no: EM132972003

Question - Fallow Corporation is subject to tax only in State X. Fallow generated the following income and deductions. State income taxes are not deductible for X income tax purposes.

Sales $4,000,000

Cost of sales 2,800,000

State X income tax expense 200,000

Depreciation allowed for Federal tax purposes 400,000

Depreciation allowed for state tax purposes 250,000

Interest income on Federal obligations 40,000

Interest income on X obligations 30,000

Expenses related to carrying X obligations 2,000

Required - Determine Fallow's X taxable income assuming that interest on X obligations is exempt from X income tax.

Reference no: EM132972003

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