22. Bayside Corporation began operations in 2016. There have been no permanent or temporary differences...
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22. Bayside Corporation began operations in 2016. There have been no permanent or temporary differences to account for since the inception of the business. The following data are available: Year Enacted Tax Rate Taxable Income Taxes Paid 2016 40% $2,200,000 $880,000 2017 35% 2,400,000 840,000 2018 30% 2019 30% In 2018, Bayside had an operating loss of $2,480,000. What amount of income tax benefits should be reported on the 2018 income statement due to this loss assuming that it uses the carryback provision? a. $1,090,000 b. $996,000 c. $982,000 d. $978,000
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