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What is star corp total taxable income for the year

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Reference no: EM132920013

Star Corp., a publicly traded, accrual-method C corporation, had the following income in 2020:

Revenue from sales: $10,000,000

Muni bond interest: $101,691

Corporate bond interest: $188,182

Star Corp. incurred the following expenses in 2020 (all of which are ordinary and neccessary):

Office rent: $139,906

CEO compensation: $1,183,748

Client entertainment: $148,800 (100% of the amount paid)

Meals: $210,882 (100% of the amount paid)

Advertising: $120,556

Federal income taxes: $1,303,926

Problem 1: What is Star Corp.'s total taxable income for the year? Round your answer to the nearest whole dollar.

Reference no: EM132920013

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