A corporation has a taxable income of $7,490,626. At this income level, the federal income rate is 47%, the state tax rate is 20%, and the local tax rate is 15%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (47 + 20 + 15)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration?