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What uml income tax payable would be

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Problem 1: In 2021, UML Corporation reported $300,000 pretax accounting income. The income tax rate for that year was 40%. UML had an unused $100,000 net operating loss carryforward from 2020 when the tax rate was 25%. UML's income tax payable for 2021 would be:

Multiple Choice

Option 1: $120,000.
Option 2: $95,000.
Option 3: $80,000.
Option 4: $50,000.

Reference no: EM132794069

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