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Ross Geller Break Consulting is taking a tax position to avoid paying taxes. They believe it is more likely than not that they will need
Ross Geller Break Consulting is taking a tax position to avoid paying taxes. They believe it is more likely than not that they will need to pay some of the taxes eventually based upon their aggressive interpretation of the Internal Revenue Code. In the current period, they record $24m to taxes payable. In addition and due to their interpretation of the IRC, they did not pay $8m in taxes, some of which they may need to pay eventually. They believe the likelihood that they will have to pay specific amounts are as follows: Amount $8m 5% $7m 25% $6m 45% 60% $5m $4m 85% $3m 95% $2m 100% Based on the given information, what should income tax expense be? $32m O $26m O $30m O $29m O None of the given answers. O $24m
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