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12. For the year ended December 31, year 1. Tom reported pretax financial statement income of $800,000. Its taxable income was $550,000. The difference is
12. For the year ended December 31, year 1. Tom reported pretax financial statement income of $800,000. Its taxable income was $550,000. The difference is due to accelerated depreciation for income tax purposes. Tom's effective income tax rate is 30% What amount should Tom report as current income tax expense for year 1 (Current portion is taxes payable)
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