Business
Business, 28.12.2019 02:31, darkghostmist

For the year ended december 31, fox co.'s books showed income of $900,000 before provision for income tax expense. to compute taxable income for federal income tax purposes, the following items should be noted: income from exempt municipal bonds $ 80,000 depreciation deducted for tax purposes in excess of depreciation recorded on the books 200,000 proceeds received from term life insurance on death of officer 160,000 estimated tax payments 0 enacted corporate tax rate 40% what is fox's net income for the year?

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