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Question - A bank is considering some investment portfolio shifting. In doing so, the bank is considering selling $25 million in 10-year city government bonds with a coupon interest of 7 percent, and purchase $25 million in 10-year state government bonds with a coupon interest of 7.5 percent issued at par. The city government bonds being sold are listed at par on the bank's books but they have a current market value of $24.75 million. Assume that the bank's corporate income tax rate is 35 percent.
(a) Calculate the TOTAL net effect on the bank's earnings in the current full-year resulting from the shift. Do not include any income tax effect.
(b) Calculate the dollar income tax impact only on the bank's gain or loss on sale of the bonds. Indicate clearly whether the impact is an income tax credit or an income tax liability.
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