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Question - Lannister Corp., a Canadian corporation, commenced operations in 20X1 and has a December 31 fiscal year end. Its taxable income and the applicable tax rates from 20X1 to 20X4 are set out below:
Year
Taxable income
Tax rate
20X1
$20,000
30%
20X2
$40,000
20X3
$50,000
28%
20X4
$60,000
In 20X5, Lannister suffered a taxable loss of $200,000. The substantively enacted tax rate for 20X5 remained at 28%. Management has determined that it is probable that Lannister will be able to fully use the loss carryforward.
Assuming that Lannister elects to carry back its losses to the fullest extent possible, what amount should the company report as an income tax receivable on its statement of financial position at December 31, 20X5?
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