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Home Q & A Board Other Fields Homework Help Business Accounting
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safezone safezone
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7 years ago
Bishop Corporation reports taxable income of $700,000 on its tax return. Given the following information from the corporation's records, determine Bishop's net income per its financial accounting records.

Deduction for federal income taxes per books   $240,000
Depreciation claimed on the tax return   135,000
Depreciation reported on the financial accounting books   75,000
Life insurance proceeds on death of a corporate officer   100,000

A) $520,000
B) $620,000
C) $660,000
D) $560,000
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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That's not philosophy, it's geometry
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genflynngenflynn
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We have the most crude accounting tools. It's tragic because our accounts and our national arithmetic doesn't tell us the things that we need to know.

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safezone Author
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7 years ago
Thank you, thank you, thank you!
kevin12323h
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Helped a lot
Goku935
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2 hours ago
This helped my grade so much Perfect
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