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Madison Company has taken a position in its tax return to claim a tax credit of $115 million (direct reduction in taxes payable) and has

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Madison Company has taken a position in its tax return to claim a tax credit of $115 million (direct reduction in taxes payable) and has determined that its sustainability is "more likely than not," based on its technical merits. The tax credit would be a direct reduction in current taxes payable. Madison believes the likelihood that a $115 million, $69 million, or $23 million tax benefit will be sustained is 20 %, 40 % , and 40 % , respectively. Madison's taxable income is $620 million for the year. Its effective tax rate is 40%. What is Madison's income tax expense for the year? Multiple Choice $46 million $133 million $179 million $248 million

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