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  3. 4. mellon inc. began business on 1/1/2022. mellons

4. Mellon Inc. began business on 1/1/2022. Mellons 2022 pretax financial income was $400,000. In...

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Accounting

4. Mellon Inc. began business on 1/1/2022. Mellons 2022 pretax financial income was $400,000. In 2022, Mellon had $40,000 of non-taxable investment revenue (a permanent difference) and one temporary difference due to $80,000 of excess depreciation taken for tax purposes in 2022. This temporary difference will reverse evenly over 4 years beginning in 2023. The tax rate is 30% for 2022 and 2023 and 20% for 2024 and beyond. Mellons 2022 total tax expense would be:

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