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9 O pts Company A reported a net operating loss of $220 million for financial reporting and tax purposes in 2022. The enacted tax
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O pts Company A reported a net operating loss of $220 million for financial reporting and tax purposes in 2022. The enacted tax rate is 20%. Taxable income, tax rates, and income taxes paid are as follows. Taxable Tax Income Rates Income Taxes Paid 2019 70 25% 17.5 2020 60 25% 15 2021 50 20% 10 Company A is a farm-related business. Complete the 2022 income statement that reports the income tax benefit of the net operating loss. $(220) Operating loss before income taxes Tax refund from NOL carryback Tax savings from NOL carryforward Net lossStep by Step Solution
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