Which of the following items is not considered evidence in determining if a valuation allowance is necessary?

Multiple Choice:

>A net operating loss expired unused in the current year.

>Management can implement a tax strategy to create future taxable income, but it will be detrimental to the future profitability of the company.

>Management projects future taxable income based on a backlog of signed contracts.

>A cumulative book loss over some period of time.