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On Jan 1, Year 1 $1,000,000 was collected in advance for rental of a building for a 5 year period. The entire 1,000,000 was reported
On Jan 1, Year 1 $1,000,000 was collected in advance for rental of a building for a 5 year period. The entire 1,000,000 was reported as taxable income for the year. The enacted tax rate for this year was 44%. The enacted tax rate for all future years is 46%. Compute the balance in the deferred tax asset as Dec 31 year 1.
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