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Question #19: Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: 2019 $ 350,000 2020 (600,000)
Question #19: Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: 2019 $ 350,000 2020 (600,000) 2021 700,000 Puritan's tax rate is 20% for all years. As of December 31, 2020, Puritan was certain that it would recover the full tax benefit of the NOL. Requirement: What did Puritan report on December 31, 2020, as the deferred tax asset for the NOL carryforward ? (Show your computations to answer this question)
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