Before considering a net operating loss carryforward of $77 million, Fama Corporation reported $250 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 34%. On January 1 of the current year a new tax law was enacted, reducing the rate to 27% effective immediately. Fama's income tax payable for the current year would be: (Round your answer to the nearest whole million.)
$47 million.
$59 million.
$55 million.
$111 million.