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During 2019, its first year of operations, Bento Steel Corporation reported a net operating loss of $500,000 for financial reporting and tax purposes. Bento carryforward
During 2019, its first year of operations, Bento Steel Corporation reported a net operating loss of $500,000 for financial reporting and tax purposes. Bento carryforward the NOL. Assuming 2020 pretax accounting income and taxable income is $100,000. The enacted tax rate is 25% for both years. The amount of net income reported in 2020 income statement would be
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