Theodore Enterprises had the following pretax income (loss)over its first three years of operations:

For each year there were no deferred income taxes and the tax rate was 30%.In its 2015 tax return,Theodore elected a net operating loss carryback.No valuation account was deemed necessary for the deferred tax asset as of December 31,2015.What was Theodore's income tax expense for 2016?

Question

Theodore Enterprises had the following pretax income (loss)over its first three years of operations:

For each year there were no deferred income taxes and the tax rate was 30%.In its 2015 tax return,Theodore elected a net operating loss carryback.No valuation account was deemed necessary for the deferred tax asset as of December 31,2015.What was Theodore's income tax expense for 2016?

Quizplus · Accepted Answer

The Answer of Theodore Enterprises had the following pretax income (loss)over its first three years of operations:

For each year there were no deferred income taxes and the tax rate was 30%.In its 2015 tax return,Theodore elected a net operating loss carryback.No valuation account was deemed necessary for the deferred tax asset as of December 31,2015.What was Theodore's income tax expense for 2016?

Theodore Enterprises Had the Following Pretax Income (Loss)over Its First