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For year-end 2013, Max Corporation shows a pretax financial income of $3,000,000. For federal income taxes, the following additional info was provided: Gain on an
For year-end 2013, Max Corporation shows a pretax financial income of $3,000,000. For federal income taxes, the following additional info was provided: Gain on an involuntary conversion (within the statutory period): $900,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial income: $150,000 Federal estimated tax payments, 2013: $240,000 Enacted federal tax rate, 2013: 30%
What amount is the current federal tax liability for Max Corp. for 2013?
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