FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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In 2020, Uniontown Books had EBIT equal to -$950,000. In 2021, its EBIT was $2,200,000.

The company has no debt, and therefore, pays no interest expense. Its corporate tax rate is 25%. What was Uniontown’s tax liability for 2021? (Assume that the company takes full advantage of the carry-forward provision.)

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