Before considering a net operating loss carryforward of 40

Reference no: EM13592607

Before considering a net operating loss carryforward of $40 million, Fowler Corporation reported $100 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 40%. On January 1 of the current year a new tax law was enacted, reducing the rate to 30% effective immediately. Fowler's income tax payable for the current year would be?

Reference no: EM13592607

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