In its 2024 income statement, Tow Inc. reported proceeds from an officer's life insurance policy of $90,000 and depreciation of $250,000. Tow was the owner and beneficiary of the life insurance on its officer. Tow deducted depreciation of $370,000 in its 2024 income tax return when the tax rate was 40%. Data related to the reversal of the excess tax deduction for depreciation follow: Year 2025 2026 2027 2028 Reversal of excess tax deduction $10,000 20,000 40,000 50,000 Enacted tax rates 40% 40% 30% 30% There are no other temporary differences. Taxable income in 2024 is $67,500. Tow expects to report profits (rather than losses) for tax purposes for all future years. What is 2024 Income Tax Expense? Select one: a. $12,000 b. $39,000 c. $75,000 d $66,000 e. $33,000