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Question - In 2019, its first year of operations, ABC Inc. has a net operating loss of $60,000 when the tax rate is 20%. Assume the management of ABC Inc. thinks at the end of 2019, that it is unlikely that the loss carryforward will be realized in the near future. In 2020, ABC has another $30,000 taxable loss and the tax rate is 18%. But assume that at the end of 2020, due to the development of a new sales line in late 2020, it is now more likely than not that ABC will have >$150,000 of taxable income in 2021. The tax rate enacted for 2021 and onwards is expected to decrease to 15%.
Required - What would the entry in 2020 tax entries based on the above information be?
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