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The following information relates to Franklin Freightways for its first year of operations (data in...

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Accounting

The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars):

Pretax accounting income: $ 150
Pretax accounting income included:
Overweight fines (not deductible for tax purposes) 5
Depreciation expense 65
Depreciation in the tax return using MACRS: 112

The applicable tax rate is 38%. There are no other temporary or permanent differences. Franklin's taxable income ($ in millions) is:

Multiple Choice

$108.

$47.

$112.

$103.

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