Kite Corporation,a calendar year taxpayer,has taxable income of $360,000 for 2014.Among its transactions for the year are the following:
$\begin{array}{ll}
\text { Collection of proceeds from insurance policy on life of carporate } \
\text { officer (in excess of cash surender value) } & \$ 9,000 \
\text { Realized gain(not recognized) on an involuntary conversion } & 10,000 \
\text { Nondeductible fines and penalties } & 21,000
\end{array}$

Question

Kite Corporation,a calendar year taxpayer,has taxable income of $360,000 for 2014.Among its transactions for the year are the following:
 $\begin{array}{ll}
\text { Collection of proceeds from insurance policy on life of carporate } \
\text { officer (in excess of cash surender value) } & \$ 9,000 \
\text { Realized gain(not recognized) on an involuntary conversion } & 10,000 \
\text { Nondeductible fines and penalties } & 21,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Kite Corporation,a calendar year taxpayer,has taxable income of $360,000 for 2014.Among its transactions for the year are the following:
 $\begin{array}{ll}
\text { Collection of proceeds from insurance policy on life of carporate } \
\text { officer (in excess of cash surender value) } & \$ 9,000 \
\text { Realized gain(not recognized) on an involuntary conversion } & 10,000 \
\text { Nondeductible fines and penalties } & 21,000
\end{array}$

Kite Corporation,a Calendar Year Taxpayer,has Taxable Income of $360,000 for 2014.Among