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In its 2024 income statement, Tow inc reported proceeds from an oflicer'sife insurance policy of $90,000 and depreciation of $250,000. Tow was the owner and
In its 2024 income statement, Tow inc reported proceeds from an oflicer'sife insurance policy of $90,000 and depreciation of $250,000. Tow was the owner and beneficiary of the life insurance on its officer. Tow deducted deprecition of $370000 in its 2024 income tax return when the tax rate was 30% Data reased to the reversal of the excess tax deduction lor depreciation follow: There are no other temporary ditferences tarable income in 2024i$567,500. Tow expects to report profis (rather than lesses) for tax purposes for all haure yearn. What is 2024 income tax Expensel Sedect one. a. 583250 b. $47250 c $53250 d. $56230 e $20250
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