Blossom Inc. reported a taxable and accounting loss of $136800 for 2023. Its pre-tax accounting income...

 

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Blossom Inc. reported a taxable and accounting loss of $136800 for 2023. Its pre-tax accounting income for the preceding two years was as follows: 2021 $63400 2022 83400 Assuming that management wants to use the losses to carryback and recover previous income taxes paid, how much will Blossom receive as a refund based on a 25% tax rate for all years involved? O $34200 O $36700 O $20850 O $136800 Blossom Inc. reported a taxable and accounting loss of $136800 for 2023. Its pre-tax accounting income for the preceding two years was as follows: 2021 $63400 2022 83400 Assuming that management wants to use the losses to carryback and recover previous income taxes paid, how much will Blossom receive as a refund based on a 25% tax rate for all years involved? O $34200 O $36700 O $20850 O $136800

Answer rating: 100% (QA)

Step 1 Net Operating Losses beginning after 1 January 2023 c... View the full answer