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Penny had income in the first three years of operations as follows: 2010: 400,000 in income, 25% enacted tax rate 2011: -1,000,000 in income, 30%
Penny had income in the first three years of operations as follows:
2010: 400,000 in income, 25% enacted tax rate
2011: -1,000,000 in income, 30% enacted tax rate
2012: 1,680,000 in income, 40% enacted tax rate
Assuming Penny opts to carryback her 2011 NOL, what is the amount of income taxes payable by Dec 31, 2012?
Please answer by 3:50 pm eastern time
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