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Madison Corporation reported financial income of $600,000 in 2021. Included in the computation of financial income was book depreciation of $120,000 (federal tax depreciation is
Madison Corporation reported financial income of $600,000 in 2021. Included in the computation of financial income was book depreciation of $120,000 (federal tax depreciation is $60,000), and accrued federal income taxes of $163,000 Not included in financial income is a net operating loss carryover of $20,000 from 2015. The corporation's current tax liability for 2021 would be:
$162,330
$177,030
$168,630
$143,430
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