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Petrilli Ltd. had a taxable loss of $4,600,000 in 20X8 and a further loss of $240,000 in 20X9. The tax rate in 20X8 was 32%

Petrilli Ltd. had a taxable loss of $4,600,000 in 20X8 and a further loss of $240,000 in 20X9. The tax rate in 20X8 was 32% and in 20X9, 33%. All rates are enacted in the year to which they pertain. In the three years before the losses, the company had the following taxable income and tax rates

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