In $2024,$ Ryan Management collected rent revenue for $2025$ tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in $2024.$ The deferred portion of the rent collected in $2024$ was $$106$ million. Taxable income is $$460$ million in $2024.$ No temporary differences existed at the beginning of the year, and the tax rate is $25\%.$