Maine company reported a pre-tax operating loss of 150000

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Maine Company reported a pre-tax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40 percent for 2012 and subsequent years. In 2010, Maine reported taxable income of $42,000 and paid $14,700 in income taxes; and in 2011 Maine reported taxable income of $40,000 and paid $16,000 in taxes. Suppose Maine requests a refund of taxes already paid by electing a loss carryback. In addition, Maine expects to produce positive operating profits and taxable income in the future. The after tax net loss reported by Maine on its year end 31st December, 2012 income statement is

Reference no: EM13370455

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Maine company reported a pre-tax operating loss of 150000 : maine company reported a pre-tax operating loss of 150000 for financial reporting and tax purposes in 2012. the enacted

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