Year Accounting Income Taxable Income Tax Rate 2023 $461000 $300,000 25% 2024 421,000 295,000 30% 2025 391.000 305.000 30% 2026 461,000 641.000 30% The accounting income of Blossom Corporation and its taxable income for the years 2023 to 2026 are as follows: The change in the tax rate from 25% to 30% was not enacted until early in 2024. Accounting income for each year includes an expense of $41,000 that will never be deductible for tax purposes. The remainder of the difference between accounting income and taxable income in each period is due to one reversing difference for the depreciation of property, plant, and equipment. No deferred taxes existed at the beginning of 2023