For its taxable year 20X6, Asher Corp. had net income per books of $105,000, which...
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For its taxable year 20X6, Asher Corp. had net income per books of $105,000, which included municipal bond interest of $5,000, dividend income of $10,000, a deduction for a net capital loss of 19,000, a deduction for business meals of $5,000, and a deduction for federal income taxes of $12,000. What is the amount of income that would be shown on the last line of Schedule M-1 (Reconciliation of income (loss) per books with income (loss) per return) of Asher Corps corporate income tax return for 20X6?
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