The accounting income of Monty Corporation and its taxable income for the years 2020 to 2023 are as follows: Year Accounting Income Taxable Income Tax Rate 2020 $469,000 $306,000 25% 2021 424,000 303,000 30% 2022 401,000 315,000 30% 2023 461,000 641,000 30% The change in the tax rate from 25% to 30% was not enacted until early in 2021. Accounting income for each year includes an expense of $44,000 that will never be deductible for tax purposes. The remainder of the difference between accounting income and taxable income in each period is due to one reversing difference for the depreciation of property, plant, and equipment. No deferred taxes existed at the beginning of 2020.