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Orleans Corporation, a publicly held company with a 35% marginal tax rate, paid its CEO...

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Accounting

Orleans Corporation, a publicly held company with a 35% marginal tax rate, paid its CEO an annual salary of $4.0 million. None of the salary is dependent upon any special performance.

Ignoring payroll taxes, calculate the after-tax cost of this payment.

$3.65 million

$2.60 million

$3.00 million

$3.35 million

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