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EFTA02676202
each year after the IPO. In the first post-IPO tax year, Corporation A has 5100 of income (without regard to the NOL). Assuming a tax rate of 40%, Corporation A's actual tax liability is 520 (S 100 of income minus S50 of NOL deduc- tions times a 40% tax rate). Corporation A's hypothetical tax liability withou
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