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What income or loss is reported

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Question - Fancy Corporation reported the following results for its first three years of operations:

2019 income before tax $400,000

2020 loss before tax (200,000)

2021 income before tax 50,000

There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 30% for 2019 and 2020, and 40% for 2021.

If Fancy decides to use the carry forward provision and not the carry back provision, what income (loss) is reported in 2020?

Reference no: EM133088420

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