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Prepare the journal entry to recognize income tax benefit

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Reference no: EM133171766

Question - Insure Corporation reported a net operating loss of $17 million for financial reporting and tax purposes. Taxable income last year and the previous year, respectively, was $18 million and $13 million. The enacted tax rate each year is 25%. Assume that Insure qualifies as a type of company that is allowed to carry back an NOL to two prior taxable years, using the earliest year first. Prepare the journal entry to recognize the income tax benefit of the net operating loss.

Reference no: EM133171766

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