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Business, 12.12.2020 17:10 melvina13bday

Purple Rose Corporation reported pretax book income of $500,000. Tax depreciation exceeded book depreciation by $300,000.
In addition, the company received $250,000 of tax-exempt life insurance proceeds.
The prior-year tax return showed taxable income of $100,000.
Compute Purple Rose's current income tax expense or benefit.

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Purple Rose Corporation reported pretax book income of $500,000. Tax depreciation exceeded book dep...

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