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  3. income: sales $945,000 ...

Income: Sales $945,000 ...

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Question

Accounting

Income:

Sales

$945,000

Interest from State of New York Bonds

3,400

Life insurance proceeds (from policy carried on the life of recently deceased corporation president)

100,000

Refund of federal income tax from previous year

12,000

Dividends on Apple stock held as an investment

5,000

Treasury stock gains

7,000

Net 1231 gains

2,000

Losses and Expenses:

Charitable contributions

70,000

Net capital losses

5,000

Federal income taxes

100,000

Fines and penalties

2,500

Life insurance premiums on policy of recently deceased corporate president

11,000

Advertising in a political brochure

600

Interest on loan proceeds used to purchase State of New York Bonds

2,800

Business entertainment

9,000

Business meals

3,000

Other operating expenses

503,000

What is Maxim Corporation's taxable income? Show all work

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