Question - For year-end 2013, Max Corporation shows a pretax financial income of $3,000,000.
For federal income taxes, the following additional info was provided:
Gain on an involuntary conversion (within the statutory period) $900,000
Depreciation deducted for tax purposes in excess of depreciation deducted for financial income $150,000
Federal estimated tax payments, 2013 $240,000
Enacted federal tax rate, 2013 30%
What amount is the current federal tax liability for Max Corp. for 2013?