Question
Grand Corporation reported pretax book income of $545,000. Tax depreciation exceeded book depreciation by $435,000. In addition, the company received $225,000 of tax-exempt municipal bond
Grand Corporation reported pretax book income of $545,000. Tax depreciation exceeded book depreciation by $435,000. In addition, the company received $225,000 of tax-exempt municipal bond interest. The companys prior-year tax return showed taxable income of $70,000. Compute the company's current and deferred income tax expense or benefit. Assume CARES Act applies.
Current income tax: $0
Deferred income tax benefit:
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Organizing Smart Buildings And CitiesPromoting Innovation And Participation
Authors: Elisabetta Magnaghi, Véronique Flambard, Daniela Mancini, Julie Jacques, Nicolas Gouvy
10th Edition
3030606066, 9783030606060
