Reference no: EM132661000
Problem - The following information for 2019 relates to Sparrow Corporation, a calendar year, accrual method taxpayer:
Net income per books (after-tax) $205,050
Federal income tax expense per books 55,650
Tax-exempt interest income 4,500
MACRS depreciation in excess of straight-line depreciation used for financial statement purposes 7,200
Excess of capital loss over capital gains 9,400
Nondeductible meals and entertainment 5,500
Interest on loan to purchase tax-exempt bonds 1,100
Based on the above information, use Schedule M-1 of Form 1120, which is available on the IRS website, to determine Sparrow's taxable income for 2019.
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