For the year ended December 31, 2007, Bard Corp.’s income per accounting records, before federal income taxes, was $450,000 and included the following:
|
State corporate income tax refunds |
$ 4,000 |
|
Life insurance proceeds on officer’s death |
15,000 |
|
Net loss on sale of securities bought for investment in 2005 |
20,000 |
Bard’s 2007 taxable income was
- $435,000
- $451,000
- $455,000
- $470,000