Question: Problem P13 INVERTED Facts: ABC reported a pretax GAAP loss of $ for the year ended December 31, 2020. ABC's tax accounting methods and GAAP

Problem P13 INVERTED Facts: ABC reported a pretax GAAP loss of

Problem P13 INVERTED Facts: ABC reported a pretax GAAP loss of $ for the year ended December 31, 2020. ABC's tax accounting methods and GAAP accounting methods are the same and there are no permanent differences in any year. ABC recognized a deferred tax asset of $ 105000 at December 31, 2020 related to the NOL carryforward. The corporate tax rate is 21% in 2020 and future years. ABC return to profitability in 2021, earning $914,062 of pretax GAAP income in year 2021. What must have been the amount of the 2020 pretax GAAP loss? Required: 53. Determine the amount of the 2020 pretax GAAP loss

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