Business, 26.07.2019 02:40 smiley0326

Pine corp.’s books showed pretax income of $800,000 for the year ended december 31. in the computation of federal income taxes, the following data were considered: gain on an involuntary conversion (pine has elected to replace the property within the statutory period using the total proceeds.) $350,000 depreciation deducted for tax purposes in excess of depreciation deducted for book purposes 50,000 federal estimated tax payments 70,000 enacted federal tax rates 30% what amount should pine report as its current federal income tax liability on its december 31 balance sheet?

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Pine corp.’s books showed pretax income of $800,000 for the year ended december 31. in the computati...

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