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Pretax accounting income for the year ended December 31, 2016, was $48 million for Truffles Company....

Pretax accounting income for the year ended December 31, 2016, was $48 million for Truffles Company. Truffles' taxable income was $54 million. This was a result of differences between straight-line depreciation for financial reporting purposes and MACRS for tax purposes. The enacted tax rate is 23% for 2016 and 33% thereafter. What amount should Truffles report as the current portion of income tax expense for 2016?

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Answer #1

Current Portion of Income tax expense

$54 million x 23% =$12.42 million

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