Question
Scialfa Corp. has no book/tax differences, and reports the following income/(loss) results. 2021 ($404,000) 2022 $188,000 2023 $528,000 Scialfa uses the NOL carryforward provision whenever
Scialfa Corp. has no book/tax differences, and reports the following income/(loss) results.
| 2021 | ($404,000) |
| 2022 | $188,000 |
| 2023 | $528,000 |
Scialfa uses the NOL carryforward provision whenever possible, and the tax rate for all years is 26%.
How much total income tax expense will Scialfa report on its 2023 income statement?
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Company Accounting
Authors: Ken Leo, Jeffrey Knapp, Susan Mcgowan, John Sweeting, Leah Meng
12th Edition
0730382672, 9780730382676
