Recording Net Operating Loss Carryback

During Year Lamb Inc. suffered a tax loss of $ Lamb qualifies for a twoyear loss carryback option for tax purposes, using the earliest year first and with no income restrictions. Taxable income for the last three years listed in chronological order follows: Year : $; Year : $; and Year : $ The tax rate is for Year and Year and for Year and Year Prepare Lamb\'s entry for the loss carryback on December of Year