Taxable income and income tax rates for 20092014 for the company have been as follows: Make the

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Taxable income and income tax rates for 2009â€“2014 for the company have been as follows:

Make the journal entry necessary to record any net operating loss (NOL) carryforward created in 2014. The enacted tax rate for future years is40%.

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Jan 29, 2012 12:39 AM

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Taxable income and income tax rates for 20092014 for the company have been as follows: Make the

Question:

Taxable Income Income Tax Rate Total Tax Paid Year 2009 2010 2011 2012 2013 2014 $30,000 15,000 20,000 (100.000) 50.000 (200.000) 30% 35 35 40 35 30 $9,000 5,250 7,000

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Treatment of NOL in 2012 NOL Carried Taxable Income Tax Tax Back to Income Rate Refund 2010 15000 35 ...View the full answer

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