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Q 16-7 The income tax rate for Hudson Refinery has been 35% for each of...

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Q 16-7 The income tax rate for Hudson Refinery has been 35% for each of its 12 years of operation. Company forecasters expect a much-debated tax reform bill to be passed by Congress early next year. The new tax measure would increase Hudson's tax rate to 42%. When measuring this year's deferred tax liability, which rate should Hudson use

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