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Charlotte also purchased 100000 of furniture on 112014 but

Question - Charlotte Corporation is a cash basis taxpayer and reported the following income and expenses in 2014.

Services Income $550,000

Wages to employees 100,000

Tax Exempt Interest Income 25,000

Short-Term Loss on Stock Sale (30,000)

Federal Taxes Paid 150,000

Penalties 1,000

Charlotte also purchased $100,000 of furniture on 1/1/2014 but did not elect bonus depreciation or 179 expenses. The property has a 10 year ACRS life. Determine Charlotte's taxable income and current E&P?

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Accounting Basics: Charlotte also purchased 100000 of furniture on 112014 but

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Accounting Basics: Charlotte also purchased 100000 of furniture on 112014 but

Reference No:- TGS02863932

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