An organization has a $300,000 tax liability at 1/1/2018 and an ending balance of $450,000 on 12/31/2018. The income statement for the year ending 12/31/2018 includes a tax charge of 400,000. How much tax was actually paid in the year at 12/31/2018?

An organization has a $300,000 tax liability at 1/1/2018 and an ending balance of $450,000 on 12/31/2018. The income statement for the year ending 12/31/2018 includes a tax charge of 400,000. How much tax was actually paid in the year at 12/31/2018?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 10P

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