Based on the facts and results of Problems, provide the income tax foot-note rate reconciliation for Relix.
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Based on the facts and results of Problems, provide the income tax foot-note rate reconciliation for Relix.
In problem In addition to the temporary differences identified in Problems, Relix reported two permanent differences between book and taxable income. It earned $2,375 in tax-exempt municipal bond interest, and it incurred $780 in nondeductible meals and entertainment expense. Relix’s book income before tax is $4,800. With this additional information, calculate Relix’s current tax expense.
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Amount Percent Tax on book income at statutory rate 16...View the full answer
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Related Book For 
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781285438290
18th Edition
Authors: James Smith, William Raabe, David Maloney, James Young
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