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Lana71 [14]
2 years ago
10

On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal income tax expense of $570,

000. On its year 1 tax return, it reported a tax liability of $650,000. During year 1, Seatax made estimated tax payments of $700,000. What book-tax difference, if any, associated with its federal income tax expense should Seatax have reported when computing its year 1 taxable income? Is the difference favorable or unfavorable? Is it temporary or permanent?
Business
1 answer:
Nookie1986 [14]2 years ago
7 0

Answer: $570000

Explanation:

The book-tax difference, that's associated with its federal income tax expense that Seatax should have reported when computing its year 1 taxable income will be $570000.

It should be noted that the $570000 for the book tax difference is permanent as it isn't reversible for.the next fiscal period.

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4 0
3 years ago
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lina2011 [118]

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