Assume GE has a 35% income tax rate. As of the 2009 year-end, how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory? (Round your answer to the nearest whole number.)

General Electric Company reports the following footnote in its 10-K report. December 31 (in millions) 2009 2008 Raw materials and work in process $7,581 $ 8,710 Finished goods 4,105 5,032 Unbilled shipments 759 561 12,445 14,303 Less revaluation to LIFO (529) (706) $ 11,916 $ 13,597 The company reports its inventories using the LIFO inventory costing method