Current federal income tax liability

Reference no: EM13132411

Munoz Corp.'s books showed pretax financial income of $1,500,000 for the year ended December 31, 2011. In the computation of federal income taxes, the following data were considered:

Gain on an involuntary conversion $650,000 (Munoz has elected to replace the property within the statutory period using total proceeds.)

Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes 100,000

Federal estimated tax payments, 2011 125,000

Enacted federal tax rate, 2011 30%

What amount should Munoz report as its current federal income tax liability on its December 31, 2011 balance sheet?

Reference no: EM13132411

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