hat is taxable income?
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Track Corporation, a calendar year, accrual basis taxpayer, provides the following information for the current year: Net income per books (after-tax) $258,050 Federal income tax liability 40,950 Interest income from tax-exempt bonds 5,000 Interest paid on loan incurred to purchase tax-exempt bonds 2,000 Life insurance proceeds received as a result of death of Heron’s president 100,000 Premiums paid on policy on life of Heron’s president 4,500 Excess of capital losses over
$375,000
$195,000
$307,500
None of these answers
$135,000
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