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USE THE FOLLOWING INFORMATION FOR #7 - 8: Lacy Corporation has the following information. Taxable Income or (Loss) Tax Rate Year Tax Paid S 20x2

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USE THE FOLLOWING INFORMATION FOR #7 - 8: Lacy Corporation has the following information. Taxable Income or (Loss) Tax Rate Year Tax Paid S 20x2 20x35 20x4 (130,000) 260,000 58,000 21% 21% 21% $ 54,600 $ 12,180 $ Question 8 2.5 pts A net operating loss may be carried forward to offset future taxable income for: One year 15 years O unlimited years they can only be carried back

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