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Determine mini current income tax expense

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Question - In 2020, Mini reports $1,579,200 of pretax book net income. Mini did not recognize any bad debt expense for book purposes in 2020 but did deduct $167,100 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. The applicable U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%. For 2020, determine Mini's current income tax expense.

Reference no: EM132966761

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