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Question - Fores Construction Company reported a pretax operating loss of $135 million for financial reporting purposes in 2011. Contributing to the loss were (a) a penalty of $6 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2011 and (b) an estimated loss of $5 million from accruing a loss contingency. The loss will be tax deductible when paid in 2012.
The enacted tax rate is 40%. There were no temporary differences at the beginning of the year and none originating in 2011 other than those described above. Taxable income in Fores's two previous years of operation was as follows:
2009 $ 75 million
2010 45 million
Required: Prepare the journal entry to recognize the income tax benefit of the operating loss in 2011. Fore selects the carryback option.
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