For the year ended December 31, 2007, Dodd Corp. had net income per books of $100,000. Included in the computation of net income were the following items:
|
Provision for federal income tax |
$27,000 |
|
Net long-term capital loss |
5,000 |
|
Keyman life insurance premiums (corporation is beneficiary) |
3,000 |
Dodd’s 2007 taxable income was
- $127,000
- $130,000
- $132,000
- $135,000