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At December 31, 2020, Ivanhoe Corporation had a deferred tax liability of $26,800. At December 31, 2021, the deferred tax liability is $42,800. The corporation’s 2021 current tax expense is $49,300. What amount should Ivanhoe report as total 2021 income tax expense?

Respuesta :

jepessoa

Answer:

$65,300

Explanation:

Ivanhoe's income tax expense = deferred tax liability 2021 - deferred tax liability 2020 + current tax expense 2020 = $42,800 - $26,800 + $49,300 = $65,300

A deferred  tax liability occurs when a corporation's income statement shows a certain amount following US GAAP, but the tax rules used by the IRS determine a different amount.

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