What is sawyer corporation modified book income

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Question: In 2016, Sawyer Corporation, a calendar year, accrual method C corporation had income per books before tax of $350,000. In computing income per books, Sawyer included in income $3,500 of municipal bond interest and $50,000 of life insurance proceeds received on the death of a key corporate officer. Excluded from book income was a $25,000 advance rent payment on one of Sawyer's vacant office spaces. The rent is for the first two months of the following year. In addition, Sawyer expensed $6,000 for meals and entertainment, $2,500 for premiums on life insurance policies on key corporate officers and $2,000 of federal income tax penalties. What is Sawyer Corporation's 2016 modified book income?

Reference no: EM131886695

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