Question: an entity has no permanent differences or state income taxes. the federal tax rate in 2 0 x 4 and all prior years was 4

an entity has no permanent differences or state income taxes. the federal tax rate in 20x4 and all prior years was 40%. In early 20x5, congress enacted a new tax rate of 50% for 20x5 and all future years. at December 31,20x4 the entity had a cumulative

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