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What amount is the current federal tax liability

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Reference no: EM131818405

Question - For year-end 2013, Max Corporation shows a pretax financial income of $3,000,000.

For federal income taxes, the following additional info was provided:

Gain on an involuntary conversion (within the statutory period) $900,000

Depreciation deducted for tax purposes in excess of depreciation deducted for financial income $150,000

Federal estimated tax payments, 2013 $240,000

Enacted federal tax rate, 2013 30%

What amount is the current federal tax liability for Max Corp. for 2013?

Reference no: EM131818405

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