The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax accounting income: $200 Pretax accounting income included: Overweight fines (not deductible for tax purposes) Depreciation expense 70 Depreciation in the tax return using MACRS: 110 The applicable tax rate is 40%. There are no other temporary or permanent differences. Franklin Freightways experienced ( in millions) a: Tax liability of $66 Tax liability of $36 Tax liability of $70.6 Tax benefit of $10 due to the NOL