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Permanent Tax Differences: A company owns a municipal bond that pays $ 3 0 , 0 0 0 interest annually. The company s financial reporting
Permanent Tax Differences: A company owns a municipal bond that pays $ interest annually. The companys financial reporting book income before income taxes and municipal bond interest is $ which is also equal to the companys taxable income interest on the municipal bond is not taxable The companys statutory income tax rate is Calculate the companys current income tax payable to the taxing authority, its financial reporting or book income before income taxes and provision for income taxes, and its effective e income tax rate.
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