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Assume that Cole Inc operates in an industry for which NOL Carryback is allowed. Cole Inc had the following retax income (ossover is dit to

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Assume that Cole Inc operates in an industry for which NOL Carryback is allowed. Cole Inc had the following retax income (ossover is dit to your operations 2020 2021 560,000 (840,000) 1.620,000 For each year there were no deferred Income taxes and the tax rate was 25%. In its 2020 tax retum. Cole elected a net operating loss catryback. No votion account was deemed necessary for the deferred tax asset as of December 31, 2020. What was Cole's income tax expense for 2027

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