In 2020, Collins Co. had taxable income of -$5,600,000. In 2021, the firm has taxable income of $12,000,000. Its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. What is Collins’ tax liability for 2021?   a. $3,000,000     b. $0     c. $1,400,000     d. $4,400,000     e. $1,600,000

Q: 7

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