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Before considering a net operating loss carryforward of $82 million, Fama Corporation reported $190 million of pretax accounting and taxable income in the current year.
Before considering a net operating loss carryforward of $82 million, Fama Corporation reported $190 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 34% On January of the current year, a new tax law was enacted, reducing the rate to 25% effective immediately Fama's income tax payable for the current year would be:(Pound your answer to the nearest whole million Multiple Choice 531 million 537 milion 27 92 micro
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