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recover only three-quarters of the loss by applying the loss to future income. In 2020 , the income tax rate increased from 29% to 42%.
recover only three-quarters of the loss by applying the loss to future income. In 2020 , the income tax rate increased from 29% to 42%. Required Record the 2019 and 2020 journal entries relating to Calton's tax loss. Use a valuation account for the unrecognized portion of losses carried forward. Prepare the journal entries for 2020. Begin by recording the journal entry for the loss carried forward
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