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QUESTION 1: am I correct with the way I solved this if the CARRYFORWARD option were elected? QUESTION 2: what would it look like using
QUESTION 1: am I correct with the way I solved this if the CARRYFORWARD option were elected?
QUESTION 2: what would it look like using the CARRYBACK option?
The reported a pretax book operating loss of $120 million in 2015, including the following items: $50 million from installment sales of property. The installment sales will be collected in 2016 and taxable in 2016. A penalty of $10 million resulting from violations of environmental regulations in the ). This penalty was paid in 2015. There were no other permanent or temporary differences in 2015. The taxable income in 2014 and 2013 respectively were $20 million and $90 million. elects the carryback option when calculating its taxes and carryforward for any remaining tax benefit. The corporate tax rate is 40%. 0 9. The income tax expense or benefit for 2015 is CARRYFORWARD METHOD # 9 AND 10: a. b. C. d. income tax benefit of $52 million income tax benefit of $48 million income tax benefit of $64 million income tax benefit of $44 million Income tax expense DTA Income tax payable 44,000Step by Step Solution
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