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Question - Infinity Production acquired a new machine at the beginning of the current year. The machine cost $600,000 with no residual value expected. Infinity uses the straight-line method for financial reporting, assuming a 6-year useful life. The firm classifies the equipment as 5-year MACRS property for tax purposes using the following percentages.
Year
MACRS? (%)
1
?20.00%
2
32.00
3
19.20
4
11.52
5
6
5.76
The company is subject to a 35?% income tax rate and has no other book-tax differences. Income before depreciation and tax is presented below:
Income before Tax and Depreciation
$350,000
400,000
470,000
?700,000
?820,000
?950,000
Required - What is Infinity's income tax payable for year 1?
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