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Before considering a net operating loss carryforward of $72 million. Fama Corporation reported $ 160 million of pretax accounting and taxable income in the current
Before considering a net operating loss carryforward of $72 million. Fama Corporation reported $ 160 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 35% on January 1 of the current year a new tax was enacted reducing the rate to 26% effective immediately, Fama's income tax payable for the current year would be?
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