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Before considering a net operating loss carryforward of $75 million, Beta Corporation reported $210 million of pretax accounting and taxable income in the current year.
Before considering a net operating loss carryforward of $75 million, Beta Corporation reported $210 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 38%. On January 1 of the current year, a new tax law was enacted, reducing the rate to 28% effective immediately. Beta's income tax payable for the current year would be: (Round your answer to the nearest whole million.) $108 million. $38 million. $51 million. $44 million.
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