use the carryback provisions, the amount that should be reported as income tax receivable for 2023 is:
use the carryback provisions, the amount that should be reported as income tax receivable for 2023 is:
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 18P
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Inc. reports a taxable and pre-tax accounting loss of $150,000 for 2023. The corporation's taxable and pre-tax accounting income and tax rates for the preceding two years were:
2021 $200,000 20%
2022 200,000 20% The 2023
tax rate is 30%. If Night Owl elects to use the carryback provisions, the amount that should be reported as income tax receivable for 2023 is:
a) $50,000.
b) $45,000.
c) $35,000.
d) $30,000.
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