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Business, 15.04.2020 03:08 alaf05160

Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2,000 non-deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30 percent owned corporation. Using this information and Form 1120, provide the amounts that go on each line on the form. Click here to access a blank Form 1120 and accompanying instructions.

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Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exemp...
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