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Ramos Corp.'s books showed pretax financial income of $1,500,000 for the year ended December 31, 2008. In the computation of federal income taxes,...
Ramos Corp.'s books showed pretax financial income of $1,500,000 for the year ended December 31, 2008. In the computation of federal income taxes, the following data were considered:Gain on an involuntary conversion $650,000(Ramos has elected to replace the property within the statutoryperiod using total proceeds.)Depreciation deducted for tax purposes in excess of depreciationdeducted for book purposes 100,000Federal estimated tax payments, 2008 125,000Enacted federal tax rate, 2008 30%What amount should Ramos report as its current federal income tax liability on its December 31, 2008 balance sheet?a. $100,000b. $130,000c. $225,000d. $255,000
Ramos Corp.'s books showed pretax financial income of $1,500,000 for the year ended December 31, 2008. In the computation of federal income taxes, the following data were considered:Gain on an...