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What future taxable amounts are

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A Corporation has three financial statement elements for which the December 31, year 1 book value is different than the December 31, year 1 tax basis.

                                                           Book value               tax basis                          Difference

Equipment                                $ 200,000               $120,000                        $ 80,000

Parepaid officers' insurance policy   $ 75,000                   0                             $ 75,000

Warranty liability                            $ 50,000                 0                               $ 50,000

Question 1: As a result of these differences, future taxable amounts are:

A. $155,000

B. $205,000

C. $80,000

D. $50,000

Reference no: EM132498412

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