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 $98 million. Taxable income is $420 million in 2024. No temporary differences existed at the beginning of the year, and the tax rate is 25%.