Iggies Ice Cream Company has taken a position in its tax return to claim a tax credit of $80 million (direct reduction in taxes payable) and has determined that its sustainability is "more likely than not," based on its technical merits. The tax credit would be a direct reduction in current taxes payable. Iggies believes the likelihood that a $80 million, $48 million, or $16 million tax benefit will be sustained is 25%, 35%, and 40%, respectively. Iggies' taxable income is $550 million for the year. Its effective tax rate is 40%. What is Iggies' income tax expense for the year
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