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22. Bayside Corporation began operations in 2016. There have been no permanent or temporary differences to account for since the inception of the business. The
22. Bayside Corporation began operations in 2016. There have been no permanent or temporary differences to account for since the inception of the business. The following data are available: Year Enacted Tax Rate Taxable Income Taxes Paid 2016 40% $2,200,000 $880,000 2017 35% 2,400,000 840,000 2018 30% 2019 30% In 2018, Bayside had an operating loss of $2,480,000. What amount of income tax benefits should be reported on the 2018 income statement due to this loss assuming that it uses the carryback provision? a. $1,090,000 b. $996,000 c. $982,000 d. $978,000
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