Multiple choice1 / 15
A C corporation reports net income per books of $700,000. The figure includes federal income tax expense of $150,000, tax-exempt municipal interest of $25,000, meals of $40,000 (of which 50% is nondeductible), fines of $12,000, book depreciation of $90,000, tax depreciation of $140,000, warranty expense accrued of $35,000, and actual warranty payments of $18,000. What is taxable income before NOL and special deductions?