Assume a 21% Federal corporate tax rate, no state or foreign taxes, and no need for a valuation allowance. rate, no state or foreign taxes, and no need for a valuation allowance. in tax-exempt municipal bond interest, and it reported $850 in nondeductible business meais expense. Kanther's book $50,000. Compute Kantner's current tax expense. Compute Kantner's current tax expense. If required, round your answers to the nasinact dou