For 2018 tax purposes, Cass Corporation reported pretax bookincome of $10,000,000. During the current
year, the reserve for bad debts increased by $100,000. Inaddition, tax depreciation?
exceeded book depreciation by $200,000. Cass Corporation solda fixed asset and?
reported book gain of $50,000 and tax gain of $75,000.Finally, the company received?
$250,000 of tax-exempt life insurance proceeds from the deathof one of its?
officers. Compute the company’s current income tax expense orbenefit.
