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What is collins tax liability for 2021

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Reference no: EM133253938

In 2020, Collins Co. had taxable income of -$7,500,000. In 2021, the firm has taxable income of $10,000,000.

Its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. What is Collins' tax liability for 2021?

Reference no: EM133253938

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