The enacted tax rate is 29 for 2011 and 39 after what


Question - The companies pretax accounting income for year ended Dec.31,2011, was $51 mil. Their taxable income was $64 mil. Which was a result of differences between straight line depreciation for financial reporting purposes and MACRS for tax purposes. The enacted tax rate is 29% for 2011 and 39% after. What amount should the company report as the current portion of income tax expense for 2011?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: The enacted tax rate is 29 for 2011 and 39 after what
Reference No:- TGS02598293

Now Priced at $20 (50% Discount)

Recommended (91%)

Rated (4.3/5)