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Deer Corporation was acquired last year by Lobo Corporation in a transaction causing an ownership change. At the time of the acquisition, the fair market value of Deer was $1.5 million, and the federal long-term tax-exempt rate was 5%. In the current year, Lobo has $600,000 of taxable income and excess credits carryovers from Deer amounting to $40,000. Which is Lobo's federal income tax for the year if Lobo is in the 34% tax bracket?

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