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Maxwell's annual financial statements show operating profit before interest and tax of $415,386 thousand, net income of $254,418 thousand, provision for income taxes of $73,016 thousand and net nonoperating expense before tax of $87,593 thousand.
Problem 1: Assume Maxwell's statutory tax rate for the year is 37%. Maxwell's tax shield is:
Option 1: $27,016 thousandOption 2: $236,738 thousandOption 3: $73,016 thousandOption 4: $32,409 thousandOption 5: None of these are correct.
What is the tax expense? Round your answers to the nearest dollar.What is the firm's taxable income? Round your answer to the nearest dollar.
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