Ivy Group Reported Income from Continuing Operations Before Taxes of $638,000

Ivy Group reported income from continuing operations before taxes of $638,000 and income from discontinued operations of $214,000.Ivy also reported $68,000 of unrealized gains from fair value accounting adjustments recorded as other comprehensive income.The company is subject to a 38% tax rate and reports no permanent differences. How much income tax expense does Ivy report as a line item directly below "Income from Continuing Operations before Taxes"?

A) $349,600
B) $323,760
C) $268,280
D) $242,440

Correct Answer:

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