Business, 04.03.2020 02:32 cheatcodeb

First Bank has some question as to the tax-free nature of $9 million of its municipal bond portfolio. This amount is excluded from First Bank’s taxable income of $65 million. Management has determined that there is a 65% chance that the tax-free status of this interest can’t withstand scrutiny of taxing authorities. Assuming a 40% tax rate, what amount of income tax expense should the bank report? (Enter your answer in million. Round your answer to 1 decimal place.)

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First Bank has some question as to the tax-free nature of $9 million of its municipal bond portfolio...

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