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TarHeel Corporation reported pretax book income of $1,022,000. During the current year, the net reserve for warranties increased by $101,100. In addition, tax depreciation exceeded
TarHeel Corporation reported pretax book income of $1,022,000. During the current year, the net reserve for warranties increased by $101,100. In addition, tax depreciation exceeded book depreciation by $205,500. Finally, TarHeel subtracted a dividends received deduction of $54,400 in computing its current year taxable income. TarHeel's accounting effective tax rate is:
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