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Make a reconciliation of Alpha taxable income

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Question - Reconciling Book Income and Taxable Income

Alpha Corporation reports the following results for the current year:

Net income per books (before federal income taxes) $738,000

Federal income tax expense per books (156,240)

Net income per books (after federal income taxes) $581,760

Tax-exempt interest income 10,000

Interest on loan to purchase tax-exempt bonds 7,000

MACRS depreciation exceeding book depreciation 40,000

Net capital loss 8,000

Insurance premium on life of corporate officer where Alpha is the beneficiary 9,000

Excess charitable contributions carried over to next year 4,000

Required - Make a reconciliation of Alpha's taxable income before special deductions with its book income.

Reference no: EM132836748

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