Gain on an involuntary conversion $650,000
(Ramos has elected to replace the property within the statutory
period using total proceeds.)
Depreciation deducted for tax purposes in excess of depreciation
deducted for book purposes 100,000
Federal estimated tax payments, 2008 125,000
Enacted federal tax rate, 2008 30%
What amount should Ramos report as its current federal income tax liability on its December 31, 2008 balance sheet?
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