The estimated current values of Lane’s personal assets at
December 31, year 1, totaled $1,000,000, with tax bases aggregating
$600,000. Included in these assets was a vested interest in
a deferred profit-sharing plan with a current value of $80,000 and
a tax basis of $70,000. The estimated current amounts of Lane’s
personal liabilities equaled their tax bases at December 31, year 1.
Lane’s year 1 effective income tax rate was 30%. In Lane’s personal
statement of financial condition at December 31, year 1,
what amount should be provided for estimated income taxes
relating to the excess of current values over tax bases?