Microchip Inc. had the following profits and losses in the years indicated. 2004 ........$5,000,000 2005 ..........350,000 2006
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2004 ........$5,000,000
2005 ..........350,000
2006 .......(3,450,000)
How much federal tax will it eventually pay for 2004? The corporate tax schedule on page 48 is the same for all three years.
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The entire 2006 loss can be carried back to 2004 Then 2001 EBT 5000000 3450...View the full answer
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