On Jan 1 year 1, 1,000,000 was collected in advance for rental of a building for a
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On Jan 1 year 1, 1,000,000 was collected in advance for rental of a building for a 5 year period. The entire 1,000,000 was reported as taxable income for the year. The enacted tx rate for this year is 44%. The enacted tax rate for all future years is 46%. Calculate the amount of taxable income for year 1 assume the company has pretax accounting income of 5,700,000.
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