Question: 1 Hammaker Manufacturing Corp, began operations in year and reported taxable net income of $10 million and $4 million in year 1 and year 2,

1 Hammaker Manufacturing Corp, began operations in year and reported taxable net income of $10 million and $4 million in year 1 and year 2, respectively. In year 3. Hammaker reports a net operating loss (NOL) of $16 million. The tax rate for the years year 1 and year 2 35%, but the enacted tax rate for year 3 and later years will be 21%. As part of year-end adjusting entiles. What total tax benefit will Hammaker record as a result of the year 3 NOL

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