BUISNESS 7667-Boatwright Corp, a calendar year taxpayer,
Boatwright Corp, a calendar year taxpayer, receives dididend invome of $600,000 from a corporation in which it holds a 90% interest. Boatwright also receives interest income of $40,000 from municipal bonds. (The municipality used the proceeds from the bond issue to construct a public playground.) Boatwright borrowed funds to purchase the municipal bonds and pays $22,000 of interest on the loan. Excluding these items, Boatwright’s taxable income is $983,000.
a. After these items are taken into account, Boatwright Corp. taxable income is $_____________
