A company had pretax accounting income of $$1,500,000.$

The company had the following data:

Income from exempt municipal bonds: $$70,000$

Depreciation for tax purposes in excess of depreciation for financial statement purposes: $$110,000$

Estimated federal income tax payments: $$200,000$

Enacted corporate income tax rate: $20\%$

What is the credit to federal income tax liability as the result of these transactions?