Future Inc reported the following results for the year
Net Income per sales $110,000
Federal Income Taxes $36,170
Life Insurance Proceeds on key employee $15,000
Tax Exempt interest income $13,000
Net Capital Loss $25,000
What is taxable income for the year?
*** Caution the use of the term Net Income per Sales has been interpreted to mean Net Income Per Books and the following is the correct adjusting process to arrive at Taxable ...
This solution calculates the net income per tax return from the net income per books.