The Cat Corporation had $20,000 of book income in the current year.The following is a list of differences between federal and book income and expenses: Federal income tax expense deducted for books
Depreciation deducted on books
Depreciation deducted on tax return
50 percent of meals expense not allowed as an expense for taxes
Charitable contributions carried over from prior years and deducted on the current year tax return
Current year taxable gain on an installment sale which was reported on the books in a previous ye Prepaid interest not deductible in the current year for tax purposes but claimed as a deduction for purposes
Nondeductible club dues Based on the above information, calculate the Cat Corporation's federal taxable income for the year.Show your calculations.

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The Answer of The Cat Corporation had $20,000 of book income in the current year.The following is a list of differences between federal and book income and expenses: Federal income tax expense deducted for books
Depreciation deducted on books
Depreciation deducted on tax return
50 percent of meals expense not allowed as an expense for taxes
Charitable contributions carried over from prior years and deducted on the current year tax return
Current year taxable gain on an installment sale which was reported on the books in a previous ye Prepaid interest not deductible in the current year for tax purposes but claimed as a deduction for purposes
Nondeductible club dues Based on the above information, calculate the Cat Corporation's federal taxable income for the year.Show your calculations.

The Cat Corporation Had $20,000 of Book Income in the Current