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A shift of the demand curve from D1 to D2 in Figure 11-3b above indicates
Enacted Tax Rate
The tax rate established by law that is applied to income or transactions.
Income Tax Expense
The total amount of income tax a company expects to pay to tax authorities relative to its taxable income.
Deferred Tax Asset
A financial item on a company's balance sheet representing taxes paid or carried forward that can be used to offset future tax liabilities.
Tax-Exempt Municipal
Refers to income earned from municipal bonds that is exempt from federal income tax and, in many cases, state and local taxes.
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