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What is the taxable income to be reported

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Reference no: EM132681567

Question - Los Angeles Corporation (a C corporation) is a calendar year accrual-basis taxpayer and is a publicly held corporation. Los Angeles wants you to prepare their Schedule M-1 Reconciliation of Book to Taxable Income for 2019. Management for Los Angeles Corporation discloses to you the following information for 2019.

1. Net Income after tax (GAAP) per corporation financials $180,000

2. Fines and penalties paid to governments $11,000

3. Tax depreciation in excess of book depreciation $27,000

4. Tax-exempt interest income earned $22,000

5. Compensation paid to the CEO $1,020,000

6. Life insurance premium expense on Key Man Insurance policy $10,000

7. Federal income tax expense per financials $40,000

Required - What is the 2019 taxable income to be reported by Los Angeles Corporation in 2019?

a. $172,000

b. $212,000

c. $266,000

d. $192,000

Reference no: EM132681567

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