. All differences between pre-tax accounting income and taxable income are due to permanent differences. . Management believes that tax losses will always be used against taxable income in the future. . Management always carries back tax losses to the earliest possible years. . Tax rate changes are unknown to the company until the year of the change.ABL Lid. began operate on 2015. 1.1 . Information at 6 years are included below . 2015 2016 2017 2018 2019 2020 pre - tax accounting 80,000 80,00 0 120, 000 ( 100 000 ) ( 200 , 000 ) 700, 000 income Taxable income 50,100 50,000 100, 000 ( 75, 000) (30 0, 000) 500, 000 Tax rate. 3 2 % 30% 30% 25 % 26 % a) record The journal enty to account for income tax in 2019 20 20