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What amount should dix report as its income tax liability

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Reference no: EM131876363

Dix, Inc., a calendar-year corporation, reported the following operating income (loss) before income tax for its first three years of operations:

Year 1 $100,000 Year 2 (200,000) Year 3 400,000 There are no permanent or temporary differences between operating income (loss) for financial and income tax reporting purposes. When filing its year 2 tax return, Dix did not elect to forego the carryback of its loss for year 2. Assume a 40% tax rate for all years. What amount should Dix report as its income tax liability at December 31, year 3?

 

Reference no: EM131876363

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