Taxation MCQs
Drake Inc.. a calendar year cash basis corporation, made the following transactions during 2007:
Net income as per books (after tax estimates) $ 100.000
Federal income tax paid $ 22,250
Excess of capital losses over capital gains 3; 5.000
Interest from municipal bonds $11,000
Expenses related to municipal bond interest $ 500
What is Drake's taxable income?
Answer
Correct Answer:
$116,750
Explanation:
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