Which of the Following Statements Is Correct

question 90

Multiple Choice

Which of the following statements is correct?

• A)50% of travel and entertainment expenses are added to taxable income to arrive at book income.
• B)Federal income tax expense is subtracted from book income to arrive at taxable income.
• C)Tax-exempt interest income is subtracted from taxable income to arrive at book income.
• D)Charitable contributions in excess of the 10% limit are added to book income to arrive at taxable income.