Question: HippCo and HoppCo operate in the same industry and report the following tax rate reconciliations in their tax footnotes. Compare and contrast the effective tax

HippCo and HoppCo operate in the same industry and report the following tax rate reconciliations in their tax footnotes. Compare and contrast the effective tax rates of these two companies.

HippCo 35.0% 2.7 (12.5) 6.0 31.2% Hoppco 35.0% 3.9 (7.8) Hypothetical tax at U.S. rate State and local taxes Foreign income taxed at less than U.S. rate Tax Court settlement on disputed tax issue Effective tax rate 31,1 %

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