Timpanogos Inc. is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after taxes of $1,342,000. Timpanogos provided the following information relating to its 2022 activities: Life insurance proceeds as a result of CEO's death Revenue from sales (for both book and tax purposes) Premiums paid on the key-person life insurance policies; the policies have no cash surrender value Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2022 Rental income payments received in 2021 but earned in 2022 Rental income payments received in 2022 but not earned by year-end Tax depreciation Book depreciation $ 200,000 2,000,000 21,000 180,000 300,000 40,000 45,000 15,000 10,000 30,000 55,000 25.000

Timpanogos Inc. is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after taxes of $1,342,000. Timpanogos provided the following information relating to its 2022 activities: Life insurance proceeds as a result of CEO's death Revenue from sales (for both book and tax purposes) Premiums paid on the key-person life insurance policies; the policies have no cash surrender value Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2022 Rental income payments received in 2021 but earned in 2022 Rental income payments received in 2022 but not earned by year-end Tax depreciation Book depreciation $ 200,000 2,000,000 21,000 180,000 300,000 40,000 45,000 15,000 10,000 30,000 55,000 25.000

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 45P

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