Shipley Corporation reported book income before income tax for the current year (2015) of $500,000, computed as follows: Sales revenue $1,250,000 Municipal bond interest 5,000 Less: Cost of goods sold (520,000) Operating expenses (100,000) Depreciation expense (90,000) Contingent loss (45,000) Book income before income tax $ 500,000 The contingent loss related to a lawsuit filed by one of Shipleys former employees. Although the suit has not yet gone to trial, the company recorded a potential liability for an expected unfavorable judgment under the suit.Shipley will be permitted a tax deduction only when any judgment is actually paid. The municipal bond interest is associated with a Colorado municipal bond. For tax purposes, Shipley has computed a depreciation amount totaling $150,000, including additional first-year bonus depreciation of $50,000 to which the company believes it is entitled. The company also took a Domestic Manufacturing Deduction of $80,000 for tax purposes. The companys book and tax basis in its assets and liabilities, at both the beginning and end of the year, is as follows: (Hint: Remember that these amounts have not had any tax rates applied.) Beginning of Year End of Year Book Tax Book Tax Depreciable property $470,000 $450,000 $380,000 $300,000 Other assets 155,000 155,000 170,000 170,000 Contingent liability 0 0 (45,000) 0 Other liabilities (250,000) (250,000) (240,000) (240,000) At the beginning of the tax year, Shipley has a balance in its deferred tax liability account (DTL) of $6,800. The companys federal rate is 35% and it is domiciled in Nevada. This year, Shipley began selling its products to customers in other states (Colorado, South Carolina, Wyoming, and Florida), but has taken the position that it has no nexus, and therefore no state tax liability, in these other states. The apportionment percentages for the states are as follows: Colorado 30% South Carolina 45% Wyoming 10% Florida 15% Required: Now consider Shipleys tax position that it does not owe state taxes because it is domiciled in Nevada and has no nexus in other states. What if it owed tax in all such other states (Colorado, South Carolina, Wyoming, and Florida)? A) What is the amount of the tax benefit currently recognized by Shipley related to this uncertain tax position? In other words, calculate the state tax expense related to these states.