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What is grady taxable income for the current year

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Reference no: EM132944394

Problem 1: Grady Corporation's book income before income taxes was $300,000 for the current year. Organization costs of $150,000 incurred at the organization date 2 years earlier were written off when incurred for financial reporting purposes and over the minimum period for income tax purposes. Assuming there were no other reconciling items, what is Grady's taxable income for the current year?

a. $270,000
b. $300,000
c. $310,000
d. $290,000

Reference no: EM132944394

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