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Assume that enacted tax rates are 15% for 2018, 2019, and 2020 and 20% for 2021 and thereafter. At the end of 2020, Billups Corporation
Assume that enacted tax rates are 15% for 2018, 2019, and 2020 and 20% for 2021 and thereafter. At the end of 2020, Billups Corporation has $15,000 of deductible temporary differences, which are expected to result in tax deductions of approximately $300 on each future tax return for each of the next three years. Required: Which tax rate should be utilized?
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