Question
A company reported net income of $400000 on its year 2 audited financial statement. The company reported $240000 in tax expenses to arrive at its
federal income tax paid to IRS $150000
state income tax paid to state Q $50000
Foreign income tax paid to a country M 20000
Property tax paid to state Q 15000
sales tax paid to state Q 5000
The company will not take the foreign tax credit.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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