During the current year, Stern Company had pretax accounting income of $46 million. Stern's only temporary difference for the year was rent received for the following year in the amount of $13 million. Stern's taxable income for the year would be:

$46,000,000 + $13,000,000=

($59 million )

Explanation: stern taxable income for the year would be $59,000,000.

Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a particular tax year. It refers to the base upon which an income tax system imposes tax and the amounts included as income, expenses, and other deductions vary by country or system. Furthermore, it should be noted that taxable income includes wages, salaries, bonuses, and tips, as well as investment income and unearned income.

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