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Rocky Mountain Airlines began operations in 2017 recording a loss of income that year followed by two years of positive income. The company has reported
Rocky Mountain Airlines began operations in 2017 recording a loss of income that year followed by two years of positive income. The company has reported the following levels of taxable income (EBT) for those years (see below). The corporate tax rate was 25% each year. Assume that the company has taken full advantage of the Tax Code's carry-forward provisions. What is the amount of taxes the company paid in 2019? Year Taxable Income 2017 -$6,000,000 2018 $5,000,000 2019 $5,000,000
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