Gamma had income before taxes (book income) of $500 and a tax rate of 40%. Included in this income are $80 in municipal

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answerhappygod
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Gamma had income before taxes (book income) of $500 and a tax rate of 40%. Included in this income are $80 in municipal

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Gamma had income before taxes (book income) of $500 and a tax
rate of 40%. Included in this income are $80 in municipal bond
interest and $10 in non-deductible fines and penalties. There are
no other book-tax differences. How much is its taxable
income?
A. How much is income tax expense?
B. How much is net income?
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