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what is the effective tax rate ? 6. The following information relates to Franklin Freightways for its first year of operations (data in millions of

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6. 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) 5 Depreciation expense Depreciation in the tax retum using MACRS: 110 70 The applicable tax rate is 40%. There are no other temporary or permanent differences. Required

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