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Business, 05.05.2020 07:04 angelrenee2000

Palm Corporation has book income of $424,000 after Federal income tax. Book net income reflects $130,000 federal income tax expense and $55,000 book depreciation expense. Tax depreciation expense computed under MACRS is $65,000 for tax purposes. Palm received $25,000 of prepaid rent not included in book income. Based only on these items, compute Palm's taxable income.

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Palm Corporation has book income of $424,000 after Federal income tax. Book net income reflects $130...

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