7. Temporary differences that will cause taxable income to be higher than GAAP income in the current period give rise to deferred tax assets. deferred tax liabilities. permanent differences. tax refund receivable. 8. ABC started its operations in 2018 and reported income before tax expense of $550,000 under GAAP. Tax depreciation for the year exceeded GAAP depreciation by $50,000 which is the only item that created a temporary difference between book (GAAP) and taxable income. Assume that the tax rate 30% will stay the same for the current and future periods. What is the current tax expense reported in the GAAP income statement for 2018 (show work)? ooo $100,000 $150,000 $160,000 $180,000