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For ABC Corp, Pretax accounting income in FY 2019 is $3,700. Part of that is from municipal bond interest ($2,000 bond paying 8%). ABC chooses
For ABC Corp, Pretax accounting income in FY 2019 is $3,700. Part of that is from municipal bond interest ($2,000 bond paying 8%). ABC chooses to consider real estate installments sales as taxable when payments are collected, per IRS code. Book depreciation was $ 425 but MACRS under the tax code is $ 615 for the year. The balance in the estimated warranty liability account declined by $ 330 during 2019. They collected $2,000 payments on installment note related to real estate sales while making $ 1,700 of real property sales on installment notes in 2019. The company's statutory tax rate is 30%; as of 1/1/2019 DTA had a 19 balance while DTL had a 124 balance. What is ABC Corp's Taxes expense for 2019? O A $957 B $ 996 C $1,110 oooo D $989 E $ 1,506
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