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The corporate federal tax rate is 35%.

The process uses for booking tax expense, call FASB 109 under accounting rules, while using that rate will actually different show a different amount.

The difference relates to the effect of deferred and permanent differences changing the amount the accounting books and the company has to pay currently.

Most commonly, the CFO and finance mongers are interested in something called an effective tax rate (ETR), which is yet slightly different.

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