Operating incomeloss and tax rates for lorraine corporation, Ask an Expert

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Operating income/(loss) and tax rates for Lorraine Corporation for 2012 through 2015 were as follows: 2012: $150,000, 30%; 2013: $250,000, 35%; 2014: ($500,000), 35%; 2015: $650,000, 40%. Assuming that Lorraine opts to carryback its 2014 NOL, what is the amount of income tax payable at December 31, 2015?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942281

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