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Answer :
Answer:
$362,500
Explanation:
The computation of the LNS corporation taxable income is shown below:
Book revenue reported amount $2,940,000
Less: Tax-exempt interest income -$17,500
Less: Ordinary and necessary business expenses -$2,560,000
Taxable income $362,500
The taxable income is computed after deducting the tax exempt interest income and the deductions from the book revenue reported amount
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