Penny had income in the first three years of operations as follows: 2010: 400,000 in income, 25% enacted tax rate 2011: -1,000,000 in income, 30% enacted tax rate 2012: 1,680,000 in income, 40% enacted tax rate Assuming Penny opts to carryback her 2011 NOL, what is the amount of income taxes payable by Dec 31, 2012?

Penny had income in the first three years of operations as follows: 2010: 400,000 in income, 25% enacted tax rate 2011: -1,000,000 in income, 30% enacted tax rate 2012: 1,680,000 in income, 40% enacted tax rate Assuming Penny opts to carryback her 2011 NOL, what is the amount of income taxes payable by Dec 31, 2012?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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