Find current income tax liability as on December 31, 2021 in its balance sheet Veras had pretax accounting income of $1,035,000. Income from exempt municipal bonds $46,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 99,000 Estimated federal income tax payments made 169,500 Enacted corporate income tax rate 28.5%
Find current income tax liability as on December 31, 2021 in its balance sheet Veras had pretax accounting income of $1,035,000. Income from exempt municipal bonds $46,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 99,000 Estimated federal income tax payments made 169,500 Enacted corporate income tax rate 28.5%
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 26CE
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Transcribed Image Text:Find current income tax liability as on December 31, 2021 in its balance sheet?
Veras had pretax accounting income of $1,035,000.
Income from exempt municipal bonds
$46,000
Depreciation deducted for tax purposes in excess of
depreciation deducted for financial statement purposes
99,000
Estimated federal income tax payments made
169,500
Enacted corporate income tax rate
28.5%
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