Answer | |
Pretax book income |
$ 795,000 |
Less: Tax exempt interest | -$ 311,000 |
Book equivalent of taxable income | $ 484,000 |
X Tax rate | 34% |
Total income tax provision or benefit | $ 164,560 |
Note - Assuming a tax rate of 34 percent. | |
Please help solve: Burcham Corporation reported pretax book income of $795.000. Tax depreciation exceeded book depreciation...
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