LO.2 In addition to the temporary differences identified in Problems 4952, Kantner had two permanent differences between
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LO.2 In addition to the temporary differences identified in Problems 49–52, Kantner had two permanent differences between book and taxable income. It earned $7,800 in tax-exempt municipal bond interest, and it reported $850 in nondeductible meals and entertainment expense. Kantner’s book income before tax is $50,000. With this additional information, calculate Kantner’s current tax expense.
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South Western Federal Taxation 2013 Corporations Partnerships Estates And Trusts
ISBN: 9781133495574
36th Edition
Authors: William H. Hoffman, William A. Raabe, James E. Smith, David M. Maloney
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