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  3. the loquat corporation has book net income of $76,

The Loquat Corporation has book net income of $76,600 for the current year. Included in...

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Accounting

The Loquat Corporation has book net income of $76,600 for the current year. Included in this figure are the following items, which are reported on
the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return.
Federal income tax expense
$11,490
Depreciation deducted on the books which is not deductible
15,320
for tax purposes
Deduction for 50 percent of meals expense which is not
6,894
allowed for tax purposes
Deduction for entertainment not allowed for tax purposes
3,064
Tax-exempt interest income included in book income but not
4,596
in tax income
Calculate Loquat Corporation's taxable income for the current year based on the information given.
$
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