Unformatted text preview: determines that only $22,000 of the accrued liability is currently deductible. That is, a $22,000 deduction • is more likely than not of being sustained on audit, based on the technical merits of the position, and • is the largest amount of benefit cumulatively greater than 50% likely to be realized Assume Stumberg’s tax rate is 35% Required : (1) Compute Stumberg’s 2009 taxable income. (2) Prepare the journal entry (or entries) to record Stumberg’s income taxes for 2009....
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- Fall '08
- Progressive Tax, Taxation in the United States, Stumberg