For the tax year, Beta Corporation had net income per books of $76,000, tax-exem

Question

For the tax year, Beta Corporation had net income per books of $76,000, tax-exempt interest of $4,000, excess contributions of $2,000, meals in excess of the 50% limitation of $8,000, and federal income taxes of $18,000. What is the amount of Beta Corporation’s taxable income as it would be shown on Schedule M-1 of its corporate income tax return? A. $100,000 B. $108,000 C. $94,000 D. $104,000 For the tax year, Beta Corporation had net income per books of $76,000, tax-exempt interest of $4,000, excess contributions of $2,000, meals in excess of the 50% limitation of $8,000, and federal income taxes of $18,000. What is the amount of Beta Corporation’s taxable income as it would be shown on Schedule M-1 of its corporate income tax return? A. $100,000 B. $108,000 C. $94,000 D. $104,000

Explanation / Answer

A 100000

net income per books 76000

less: tax emempt income (4000)

Add:excess contribution 2000

exess meals 8000

federal income taxes 18000

Taxable income 10000

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