Madison Corporation reported financial income of $600,000 in 2021. Included in the computation of financial income was book depreciation of $120,000 (federal tax depreciation is $60,000), and accrued federal income taxes of $163,000 Not included in financial income is a net operating loss carryover of $20,000 from 2015. The corporation's current tax liability for 2021 would be:

$162,330

$177,030

$168,630

$143,430

Answer rating: 100% (QA)

Solution 168630 Explanation Computation of current tax liability f... View the full answer