Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $36.5 million of taxable income, the firm received $1,250,000 of interest on state-issued bonds and $400,000 of dividends on common stock it owns in Hunt Taxidermy, Inc. Calculate Hunt Taxidermy's taxable income.

Question

Quizplus · Accepted Answer

Taxable income is calculated as follows:Taxable income = $36,500,000 + $1,250,000 - $400,000 = $36,900,000