Mays Industries was established in 2007. Since its inception, the company has generated the following levels of taxable income (EBT) Assume that each year the company has faced a 40% income tax rate. Also, assume that the company has taken full advantage of the Tax Code's carry-back, carry-forward provisions, and assume that the current provisions were applicable in 2007. What is the company's tax liability for 2012?
A) $4,000
B) $4,200
C) $4,410
D) $4,631
E) $4,862
Correct Answer:
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