Prance reports $600,000 of pretax book net income in 2021. Prances book depreciation exceeds tax depreciation that
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Prance reports $600,000 of pretax book net income in 2021. Prance’s book depreciation exceeds tax depreciation that year by $20,000. Prance reports no other temporary or permanent book-tax differences. Assuming that the pertinent U.S. tax rate is 21%, compute Prance’s current income tax expense for the year.
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Related Book For 
South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts
ISBN: 9780357519240
45th Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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