Question
Asked Jan 26, 2020
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At December 31, 2020, Appaloosa 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 Appaloosa report as total 2021 income tax expense?

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Income Tax:

Income earned by a taxable person during a financial year is subject to income tax, and is payable by the tax pa...

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