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What is zurich taxable income

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Question - Zurich Corporation reports pretax financial income of $70,000 for 2020. The following items cause taxable income to be different than pretax financial income:

1. Depreciation on the tax return is greater than depreciation of the income statement by $15,000.

2. Rent collected on the tax return in greater than rent earned on the income statement by $26,000.

3. Fines for pollution appear as an expense of $12,000 on the income statement.

Required - What is Zurich's taxable income for 2020?

Reference no: EM133068199

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