Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $53,250. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A benefit 22,365

Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $53,250. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A benefit 22,365

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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