Cold,Inc.,reported a $100,000 total tax expense for financial statement purposes in 2013.This total expense consisted of $150,000 in current tax expense and a deferred tax benefit of $50,000.The deferred tax benefit consisted of $90,000 in deferred tax assets reduced by a valuation allowance of $40,000.In 2014,Cold reports $600,000 in book net income before tax.Cold records no other permanent or temporary book-tax differences.At the end of 2014,Cold's auditors determine that the existing valuation allowance of $40,000 should be reduced to zero.What is Cold's total tax expense for 2014?

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The Answer of Cold,Inc.,reported a $100,000 total tax expense for financial statement purposes in 2013.This total expense consisted of $150,000 in current tax expense and a deferred tax benefit of $50,000.The deferred tax benefit consisted of $90,000 in deferred tax assets reduced by a valuation allowance of $40,000.In 2014,Cold reports $600,000 in book net income before tax.Cold records no other permanent or temporary book-tax differences.At the end of 2014,Cold's auditors determine that the existing valuation allowance of $40,000 should be reduced to zero.What is Cold's total tax expense for 2014?

Cold,Inc,Reported a $100,000 Total Tax Expense for Financial Statement Purposes