A company reported net income of $400000 on its year 2 audited financial statement. The company reported $240000 in tax expenses to arrive at its net income for financial statement purposes in year 2 as detailed below:
federal income tax paid to IRS $150000
state income tax paid to state Q $50000
Foreign income tax paid to a country M 20000
Property tax paid to state Q 15000
sales tax paid to state Q 5000
The company will not take the foreign tax credit. 

What is the company's deduction for taxes paid on its year 2 federal income tax return?

Answer rating: 100% (QA)

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