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In 2011, Baine Corporation reported $90,000 of income before income taxes. The tax rate for 2011 was 30 percent. Baine had an unused $60,000 net
In 2011, Baine Corporation reported $90,000 of income before income taxes. The tax rate for 2011 was 30 percent. Baine had an unused $60,000 net operating loss carryforward arising in 2010 when the tax rate was 35 percent. How much income tax payable would Baine report for 2011?
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