Before considering a net operating loss carryforward of $82 million, Fama Corporation reported $110 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 40%. On January 1 of the current year, a new tax law was enacted, reducing the rate to 27% effective immediately, Fama's income tax payable for the current year would be (Round your answer to the nearest whole million.) Multiple Choice $8 million $16 milion 577 million $11 million