Grand Corporation pretax book income of $707,500. Tax depreciation | ||||
exceeded book depreciation by $565,000. In addition, the company received | ||||
272,000 of tax-exempt municipal bond interest. The company's prior-year tax return | ||||
showed taxable income of 62,000. Compute the company's current or deferred | ||||
income tax expense or benefit. | ||||
Assume | ||||
pre-tax book income | 707,500 | |||
Less | Excess Tax Depreciation | (565,000) | ||
Less | Tax exempt interest | (272,000) | ||
net operating loss | (129,500) | |||
NOL carry-back to Prior year | 62,000 | |||
21% | ||||
Current income tax benefit | 13020 | |||
Excess Tax Depreciation | (565,000) | |||
NOL carry-back to Prior year | 62,000 | |||
Net increase in Favorable Temp Diff | (503,000) | |||
Enacted Rate | 21% | |||
Net increase in Deferred Income | (105,630) | |||
Tax Liability |
pre-tax book income | $ 707,500 | |
Less | Excess Tax Depreciation | $ -565,000 |
Less | Tax exempt interest | $ -272,000 |
Net operating loss | $ -129,500 | |
NOL carry-back to Prior year | $ 62,000 | |
Tax Rate | 21% | |
Current income tax benefit | $ 13,020 | |
Net operating loss | $ 129,500 | |
Tax Rate | 21% | |
Deferred income tax expense | $ 27,195 |
Grand Corporation pretax book income of $707,500. Tax depreciation exceeded book depreciation by $565,000. In addition,...
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