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Grand Corporation reported pretax book income of $675,000. Tax depreciation exceeded book depreciation by $450,000 In addition. the company recelved $337,500 of tax-exempt municipal bond
Grand Corporation reported pretax book income of $675,000. Tax depreciation exceeded book depreciation by $450,000 In addition. the company recelved $337,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $56.250 Grand's beginning book (tax) basis in its fixed assets was \$2,125,000 ($1,900,000 ) and its ending book (tax) basis is $2,625,000($1,975,000). Compute the company' $ current income tax expense or benefit. Note: Leave no answer blank. Enter NiA or zero. Cadillac Square Corporation determined that $1,121,800 of its research and development tax credit on its current-year tax return was uncertain but that it was more likely than not to be sustained on audit Management made the following assessment of the company's potential tax benefit from the deduction and its probability of occurning. What amount of the tax benefit related to the uncertain tax position from the research and development tax credit can Cadillac Square Corporation recognize in calculating its income tax provision in the current year
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