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MANGO Company has taken a position in its tax return to claim a tax credit of $120 million (direct reduction in taxes payable) and has
MANGO Company has taken a position in its tax return to claim a tax credit of $120 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. MANGO believes the likelihood that a $120 million, $72 million, or $24 million tax benefit will be sustained is 25%, 30%, and 45%, respectively. MANGO's taxable income is $760 million for the year. Its effective tax rate is 25%. What amount was recorded for Liability for Uncertain Tax Positions by MANGO Company
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