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Quack Industries reported a deferred tax asset of $ 1 5 million for the year ended December 3 1 , 2 0 2 3 ,

Quack Industries reported a deferred tax asset of $15 million for the year ended December 31,2023, related to a temporary difference of $50 million. The tax rate was 30%. The temporary difference is expected to reverse in 2025 at which time the deferred tax asset will reduce taxable income. There are no other temporary differences in 2023-2025. Assume a new tax law is enacted in 2024 that causes the tax rate to change from 30% to 20% beginning in 2025.(The rate remains 30% for 2024 taxes.) Taxable income in 2024 is $60 million. Income tax expense in 2024 for Quack would be:
$23 million
$13 million
$20 million
$18 million

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