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Dix, Inc., a calendar-year corporation, reported the following operating income (loss) before income tax for its first three years of operations:Year 1 $100,000 Year 2 (200,000) Year 3 400,000 There are no permanent or temporary differences between operating income (loss) for financial and income tax reporting purposes.
When filing its year 2 tax return, Dix did not elect to forego the carryback of its loss for year 2. Assume a 40% tax rate for all years. What amount should Dix report as its income tax liability at December 31, year 3?
For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $170,800?
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