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Assume that Puritan Corporation operates in an industry for which NOL carryback is allowed. Puritan Corporation reported the following pretax accounting income and taxable income
Assume that Puritan Corporation operates in an industry for which NOL carryback is allowed. Puritan Corporation reported the following pretax accounting income and taxable income for its first three years of operations: Puritan's tax rate is 33% for all years. Puritan elected a loss carryback. As of December 31, 2024. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What did Puritan report on December 31, 2024, as the deferred tax asset for the NOL carryforward? Multiple Choice $249,480 Information for Kent Corporation for the year 2024 : Reconciliation of pretax accounting income and taxable income: Cumulative future taxable amounts all from depreciation temporary differences: The enacted tax rate was 30% for 2023 and thereafter. What would Kent's income tax expense be in the year 2024? Pretax accounting income for the year ended December 31, 2024, was $56 million for Truffles Company. Truffles' taxable income was $68 million. This was a result of differences between straight-line depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The enacted tax rate is 23% for 2024 and 33% thereafter. What amount should Truffles report as the current portion of income tax expense for 2024 ? Note: Round your answer to the nearest whole million. Multiple Choice $22 million $13 million $18 million
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