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Sky Company reports a pretax operating loss of $50,000 in Year 3 for both financial reporting and income tax purposes. Its reportand taxable income for
Sky Company reports a pretax operating loss of $50,000 in Year 3 for both financial reporting and income tax purposes. Its reportand taxable income for the previous 2 years had been: Year 1:$20,000 and Year 2: $30,000. Calculate Sky's income tax benefit from operating loss carryforward for Year 3. The tax rate for all years is 21%
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