Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's current income tax expense or benefit.

• I have tried computing the current income tax benefit by taking the NOL carryover of $50,000 by both 21% and 34% but neither seem to be correct??