Construct KellerCo tax rate reconciliation

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Problem - KellerCo reports $5,000,000 of U.S. taxable income, the same as its book income, because there are no temporary book-tax differences this year. KellerCo is subject to a 21% Federal income tax rate. Its book-tax differences include the following.

Nondeductible business meals $400,000

Tax depreciation in excess of book depreciation 1,500,000

Construct KellerCo's tax rate reconciliation for its GAAP tax footnote. Use either dollars or percentages in your reconciliation.

Reference no: EM132649521

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