Cortez, Inc., reports $600,000 of pretax book net income in 2019. Cortezs book depreciation exceeds tax depreciation

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Cortez, Inc., reports $600,000 of pretax book net income in 2019. Cortez’s book depreciation exceeds tax depreciation that year by $20,000. The corporation reports no other temporary or permanent book-tax differences. Cortez’s pertinent U.S. tax rate is 21%. Compute Cortez’s total income tax expense, current income tax expense, and deferred income tax expense.

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South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities

ISBN: 9780357109175

23rd Edition

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

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