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The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $200 Pretax accounting income: Pretax accounting income

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The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): $200 Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense Depreciation in the tax return using MACRS: The applicable tax rate is 40%. There are no other temporary or permanent differences. Franklin Freightways experienced ($ in millions) a

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