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Business, 13.10.2021 01:20 kksavage36

Before considering a net operating loss carryforward of $80 million, Fama Corporation reported $200 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 30%. On January 1 of the current year, a new tax law was enacted, reducing the rate to 25% effective immediately. Fama's income tax payable for the current year would be:

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