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britton, inc., an accrual basis c corporation, sells widgets on credit. its pretax book income in its first year of operations is $50,000. britton's book allowance for uncollectible accounts at the end of the year is $10,000. the applicable income tax rate (combined federal, state, and global) for year 1 and thereafter is 30%.
Compute Britton's year 1 current and deferred income tax expense.
Current income tax expense ?
Less: deferred income tax benefit 3000
Total income tax ?

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anshumanaryan799

A deferred tax asset is the opposite of a deferred tax liability. Deferred tax assets are reductions in future taxes payable, because the company has already paid the taxes on book income to be recognized in the future.

Tax liability is the total quantity of tax debt owed to a central authority through an man or woman, organisation, or other entity. earnings taxes, sales tax, and capital profits tax are all kinds of tax liabilities. Taxes are imposed through numerous taxing authorities, such as federal, state, and neighborhood governments. You had no tax legal responsibility for the earlier year if your general tax was 0 or you did not should record an profits tax go back. Your general tax changed into 0 if the road labeled "general tax" on shape 1040, U.S. man or woman profits Tax go back or form 1040-SR, united states of americaTax go back for Seniors turned into zero.

you can discover your tax legal responsibility on lines 37 and 38 of the 2022 IRS shape 1040 while you've completed it. The IRS every now and then tweaks the form 1040, however you'll locate the facts on those equal lines on your 2021 return as well.

Learn more about tax liabilities here: https://brainly.com/question/25641320

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