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Vital Corp. is an accrual-basis, calendar-year C corporation. Its year 2 reported book income before
federal income taxes was $500,000. Included in that amount were the following items:
Year 1 state franchise tax refund $50,000
Municipal bond interest income 7,500
What should be the amount of Vital’s year 2 taxable income as reconciled on Vital’s Schedule M-1 of
Form 1120, U.S. Corporation Income Tax Return?
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