Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2021. At the end of 2021, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary difference). If the enacted tax rate is 17% for all periods, and income taxes payable for the period is $230,000, determine the amount of total income tax expense to report for 2021.

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Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.