Reference no: EM132817013
Problem - 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 - Prepare a reconciliation of Alpha's taxable income before special deductions with its book income.
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