Solution-What would Puritan report as net income

What would Puritan report as net income

Reference no: EM132604596

Question - Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations:

2017 $354,000

2018 (565,000)

2019 798,000

Puritan's tax rate is 40% for all years. Puritan elected a loss carryback. As of December 31, 2018. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback.

What would Puritan report as net income for 2019?

a. $607,472.

b. $606,480.

c. $478,800.

d. $191,530.

Reference no: EM132604596

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What would Puritan report as net income

Reference no: EM132604596

Reference no: EM132604596

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