For three consecutive years,2012-2014,Siamese Corporation has reported income before taxes of $200,000 for both financial reporting purposes and tax reporting purposes.During this time,Siamese income tax rates were as follows:

In 2015,Siamese' tax rate changed to 35 percent.Also in 2015,the company reported a loss for both financial reporting and tax reporting purposes of $200,000.Assuming the company uses the carryback provisions,the amount Siamese' should report as an income tax refund receivable in 2015 is

Question

For three consecutive years,2012-2014,Siamese Corporation has reported income before taxes of $200,000 for both financial reporting purposes and tax reporting purposes.During this time,Siamese income tax rates were as follows:

In 2015,Siamese' tax rate changed to 35 percent.Also in 2015,the company reported a loss for both financial reporting and tax reporting purposes of $200,000.Assuming the company uses the carryback provisions,the amount Siamese' should report as an income tax refund receivable in 2015 is

Quizplus · Accepted Answer

The Answer of For three consecutive years,2012-2014,Siamese Corporation has reported income before taxes of $200,000 for both financial reporting purposes and tax reporting purposes.During this time,Siamese income tax rates were as follows:

In 2015,Siamese' tax rate changed to 35 percent.Also in 2015,the company reported a loss for both financial reporting and tax reporting purposes of $200,000.Assuming the company uses the carryback provisions,the amount Siamese' should report as an income tax refund receivable in 2015 is

For Three Consecutive Years,2012-2014,Siamese Corporation Has Reported Income Before Taxes