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  3. c corp reported pretax book loss of $1,000,000 for

C Corp reported pretax book loss of $1,000,000 for its first year of operation. During...

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Accounting

C Corp reported pretax book loss of $1,000,000 for its first year of operation. During the current year, the net reserve for warranties increased by $25,000. In addition, book depreciation exceeded tax depreciation by $100,000. Finally, C subtracted a dividend received deduction of $15,000 in computing its current year taxable income. Consider valuation allowance considerations. Compute C Corp's Current, Deferred and Total Tax expense or benefit.

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