The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax accounting income:$200 Pretax accounting income included: Overweight fines (not deductible for tax purposes) 5 Depreciation expense 70 Depreciation in the tax return using MACRS: 110 The applicable tax rate is 40%. There are no other temporary or permanent differences. Franklin Freightways experienced ($ in millions) a: Multiple Choice Tax liability of $66. Tax liability of $36. Tax liability of $70.6. Tax benefit of $10 due to the NOL.