Mini, in Problem 12, reports $800,000 of pretax book net income in 2019. For that year, Mini

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Mini, in Problem 12, reports $800,000 of pretax book net income in 2019. For that year, Mini did not deduct any bad debt expense for book purposes but did deduct $15,000 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. Assuming that the U.S. tax rate is 21%, compute Mini's total income tax expense, current income tax expense, and deferred income tax expense.

Data from 12

Mini, Inc., earns pretax book net income of $750,000 in 2018. Mini deducted $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini records no other temporary or permanent differences. Assuming that the pertinent U.S. tax rate is 21 %.

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South-Western Federal Taxation 2019 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781337702966

22nd Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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