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For its first year of operations Trump Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Pretax Accounting Income $300,000
Permanent Difference (15,000)
Temporary Difference-Depreciation ( 40,000)
Taxable Income $245,000

Trump's tax rate is 40%.

What should Trump report as its income tax expense in its first year of operations?

a) $120,000.

b) $114,000.

c) $98,000.

d) $16,000

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