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Assume that Peridot operates in an industry for which NOL carryback is allowed. In its first four years of operations Peridot reported the following operating
Assume that Peridot operates in an industry for which NOL carryback is allowed. In its first four years of operations Peridot reported the following operating income (loss) amounts: 2021 $ 150,000 2022 100,000 2023 (425,000) 2024 450,000 There were no other items affecting deferred income taxes in any year. In 2023, Peridot elected to carry back its operating loss. The enacted income tax rate was 25%. In its 2024 income statement, what amount should Peridot report as income tax expense?
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