In 2024, Ryan Management collected rent revenue for 2025 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2024. The deferred portion of the rent collected in 2024 was $194.0 million. The tax rate is 25%. Suppose the deferred portion of the rent collected was $76 million at the end of 2025. Taxable income is $760 million.