In the first year of operations,a company reports taxable income of $225,000 and paid a tax rate of 28%.It is now the end of the second year,and the company has a loss of $375,000 for tax purposes.The company's management believes it is probable the company will be able to use up its tax losses.The tax rate is currently 32%%.
Requirement:
Compute the amounts of income tax receivable and/ or deferred income tax asset in the current (second)year.

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The Answer of In the first year of operations,a company reports taxable income of $225,000 and paid a tax rate of 28%.It is now the end of the second year,and the company has a loss of $375,000 for tax purposes.The company's management believes it is probable the company will be able to use up its tax losses.The tax rate is currently 32%%.
Requirement:
Compute the amounts of income tax receivable and/ or deferred income tax asset in the current (second)year.

In the First Year of Operations,a Company Reports Taxable Income