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At the beginning of 2019, Toms Retail had a deferred tax asset account due to a temporary book-tax difference of $160 million in a liability
At the beginning of 2019, Toms Retail had a deferred tax asset account due to a temporary book-tax difference of $160 million in a liability for estimated expenses. Taxable income for 2019 is $100 million and the tax rate is 25%. At the end of 2019, Toms Retail also realized that only half of deferred tax assets can be eventually realized. What will Toms Retails income tax expense be for 2019? a. $55 million b. None of the choices are correct. c. $25 million d. $45 million e. $35 million
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