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Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting....

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Accounting

Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. Three years after its purchase, one of Karas buildings has a book value of $430,000 and a tax basis of $310,000. There were no other temporary differences and no permanent differences. Taxable income was $6 million and Karas tax rate is 40%

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