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In 2018, Collins Co. had taxable income of -$7,500,000. In 2019, the firm has taxable income of $10,000,000. Its corporate tax rate is 25%. Assume

In 2018, Collins Co. had taxable income of -$7,500,000. In 2019, the firm has taxable income of $10,000,000.

Its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Codes carry-forward provision. What is Collins tax liability for 2019?

a. $627,130

b. $621,860

c. $453,220

d. $625,000

e. $511,190

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