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Compute fama income tax payable for the current year

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Question - Before considering a net operating loss carryforward of $78 million, Fama Corporation reported $250 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 38%. On January 1 of the current year a new tax law was enacted, reducing the rate to 30% effective immediately. Fama's income tax payable for the current year would be: (round your answer to the nearest whole million). A. $65 million B.$52 million C. 4125 million D. $58 million

Reference no: EM131802704

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