Pine Corp.’s books showed pretax income of $800,000 for the year ended December 31, 2006. In the computation of federal income taxes, the following data were considered:

Gain on an involuntary conversion

$350,000

(Pine has elected to replace the property within the statutory period using total proceeds.)

Depreciation deducted for the tax purposes in excess of depreciation deducted for book purposes

50,000

Federal estimated tax payments, 2006

70,000

Enacted federal tax rates, 2006

30

%

What amount should Pine report as its current federal income tax liability on its December 31, 2006 balance sheet?

$ 50,000
$ 65,000
$120,000
$135,000

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