At December 31, 2020, ABC Corporation had a deferred tax liability of $25,000. At December 31, 2021, the deferred tax liability is $42,000. The corporation’s 2021 current tax expense is $48,000. What amount should ABC report as total 2021 income tax expense?
At December 31, 2020, ABC Corporation had a deferred tax liability of $25,000. At December 31, 2021, the deferred tax liability is $42,000. The corporation’s 2021 current tax expense is $48,000. What amount should ABC report as total 2021 income tax expense?
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 2MCQ: Tayla Corporation generated $400,000 of taxable income in the 2019. What is Tayla's corporate tax...
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- At December 31, 2020, ABC Corporation had a
deferred tax liability of $25,000. At December 31, 2021, the deferred tax liability is $42,000. The corporation’s 2021 current tax expense is $48,000. What amount should ABC report as total 2021 income tax expense?
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Author:
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Publisher:
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