Calculate the amount of tax expense, Taxation

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Given the below information, calculate the amount of tax expense. Assume taxes are paid immediately (with cash).

Note: the statutory rate is assumed to be 35%. You will have to decide whether there is any deferred tax position, given these facts.

	Income Statement	Tax Return	Difference: Temporary
Revenues	500	500
Expenses	- 100	- 100
Depreciation Expense	- 40	- 100	60
Pre-tax Income	360
Taxable Income		300
Statutory Tax Rate		35%	35%
Tax Expense	?
Taxes Paid (Cash)		?
Deferred Tax			?

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