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Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: 2015 $ 358,000 2016 (545,000) 2017 751,000
Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: |
2015 | $ 358,000 |
2016 | (545,000) |
2017 | 751,000 |
Puritan's tax rate is 38% for all years. Puritan elected a loss carryback. |
As of December 31, 2016, Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. |
What would Puritan report as net income for 2017? |
$575,556.
$176,946.
$465,620.
$574,064.
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