During 2012, ABC Corporation's Income Tax Expense totaled $20,000 and Income Tax Payable increased by $3,000; therefore, the cash paid for income taxes was $17,000.

Name: During 2012, ABC Corporation's Income Tax Expense totaled $20,000 and Income Tax Payable increased by $3,000; therefore, the cash paid for income taxes was $17,000.
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The cash paid for income taxes is calculated by subtracting the increase in Income Tax Payable from the Income Tax Expense. Therefore, $20,000 - $3,000 = $17,000.

During 2012, ABC Corporation's Income Tax Expense Totaled $20,000 and Income