Determine If The Timing Differences Are Temporary Or Permanent. Net Income Per Books (after-tax) $205,050 Federal Income Tax Per Books 55,650 Tax-exempt Interest Income PERMANENT 4,500 MACRS Depreciation In Excess Of Straight-line Depreciation Used For TEMPORARY Financial Accounting Purposes 7,200 Excess Of Capital Loss Over Capital Gains 9,400 Nondeductible Meals And Entertainment PERMANENT 5,500 Interest On Loan To Purchase Tax-exempt Bonds PERMANENT 1,100

Determine if the timing differences are temporary or permanent. Net income per books (after-tax) $205,050 Federal income tax per books 55,650 Tax-exempt interest income PERMANENT 4,500 MACRS depreciation in excess of straight-line depreciation used for TEMPORARY financial accounting purposes 7,200 Excess of capital loss over capital gains 9,400 Nondeductible meals and entertainment PERMANENT 5,500 Interest on loan to purchase tax-exempt bonds PERMANENT 1,100

- November 14, 2022 - Edwin Tunner

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Determine if the timing differences are temporary or permanent.

Net income per books (after-tax)	$205,050
Federal income tax per books	55,650
Tax-exempt interest income PERMANENT	4,500
MACRS depreciation in excess of straight-line depreciation used for TEMPORARY
	financial accounting purposes	7,200
Excess of capital loss over capital gains	9,400
Nondeductible meals and entertainment PERMANENT	5,500
Interest on loan to purchase tax-exempt bonds PERMANENT	1,100

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