Income tax expense in income statement

Reference no: EM13148411

At December 31, 2009, the account balances of HD Services showed income taxes payable of $80 million and a deferred tax asset of $120 million before assessing the need for a valuation allowance. In 2008, HD had reported a deferred tax asset of $90 million with no valuation allowance. HD determined that it was more likely than not that 30% of the deferred tax asset ultimately would not be realized. HD made no estimated tax payments during 2009. What amount should HD report as income tax expense in its 2009 income statement?

Reference no: EM13148411

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