What is robinson corporation taxable income

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Question - Robinson Corporation has income per books before tax of $2,000,000. In computing income per books, Robinson included $8,000 interest income from tax-exempt municipal bonds and $500,000 life insurance proceeds it received as the beneficiary on a policy for the corporate vice president who was killed in a plane crash while on company business, and it deducted $50,000 for business meals and entertainment expenses, $4,000 for premiums on officers' life insurance policies (the corporation is the beneficiary for these policies), $40,000 for a series of advertisements on current products, and $500 for fines. What is Robinson Corporation's taxable income?

a. $1,467,500

b. $1,471,500

c. $1,521,500

d. $1,975,500

Reference no: EM132110456

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