Assume NOL is allowed to carry back for two years, the amount of net loss reported on the income statement for the year ended December 31, 2019 would be: (114,000) (96,000) (120,000) (108,000)
Assume NOL is allowed to carry back for two years, the amount of net loss reported on the income statement for the year ended December 31, 2019 would be: (114,000) (96,000) (120,000) (108,000)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 4MC: Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the...
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Transcribed Image Text:Howard Property and Casualty Insurance Corporation
reported a net operating loss of $160,000 for financial
reporting and tax purposes in 2019. The enacted tax
rate is 25%. Taxable income, tax rates, and income
taxes paid in Howard's first two years of operation were
as follows: 12017: 80,000 40% 2018: 20,000 25%
Assume NOL is allowed to carry back for two years, the
amount of net loss reported on the income statement
for the year ended December 31, 2019 would be:
(114,000) (96,000) (120,000) (108,000)
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