Loop inc received 135237 of tax-exempt interest from, Accounting Basics

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Loop inc received 135237 of tax-exempt interest from

Problem

Loop, Inc., received $135,237 of tax-exempt interest from Chicago municipal bonds issued in 2015. There was $12,030 of interest expense related to these bonds that was not deductible. These bonds are private activity bonds because they were used to build a privately-owned manufacturing plant. Calculate any AMT adjustments and determine if they are positive or negative.

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Accounting Basics: Loop inc received 135237 of tax-exempt interest from

Reference No:- TGS02704011

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Accounting Basics: Loop inc received 135237 of tax-exempt interest from

Reference No:- TGS02704011

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