Business, 09.10.2019 23:20 igocrazy594

Campbell corporation, an accrual basis calendar year corporation, had income of $450,000 for financial statement purposes in year 7. this amount included book depreciation of $50,000. the related tax depreciation was $65,000. further, the financial statements reported $100,000 of municipal bond interest income, an expense of $2,000 for life insurance premiums on the corporation's president, charitable contributions of $5,000, excess capital losses over capital gains of $3,000, income tax penalties of $10,000, state income tax of $40,000, and federal income tax expense of $175,000. what is the amount of campbell's taxable income for year 7?

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Campbell corporation, an accrual basis calendar year corporation, had income of $450,000 for financi...

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