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Kasar Co. has net income, before taxes, of $335,000, including $35,000 in interest revenue from municipal...

Kasar Co. has net income, before taxes, of $335,000, including $35,000 in interest revenue from municipal bonds and $12,000 paid for nondeductible officers’ life insurance premiums where the company is the beneficiary. The effective tax rate for the current year is 29.5%. What is Kasar’s actual tax rate for the current year?

Multiple Choice

29.5%

30.0%

31.0%

31.7%

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