Li Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition,

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Li Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $50,000. Assuming a tax rate of 21 percent, compute the company’s deferred income tax expense or benefit.

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Taxation Of Individuals And Business Entities 2023 Edition

ISBN: 9781265790295

14th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

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