Use the following information for questions 89 and 90.
Wilcox Corporation reported the following results for its first three years of operation: There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 30% for 2014 and 2015, and 40% for 2016.
-Assuming that Wilcox elects to use the carryback provision, what income (loss) is reported in 2015? (Assume that any deferred tax asset recognized is more likely than not to be realized.)

Question

Use the following information for questions 89 and 90.
Wilcox Corporation reported the following results for its first three years of operation:  There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 30% for 2014 and 2015, and 40% for 2016.
-Assuming that Wilcox elects to use the carryback provision, what income (loss) is reported in 2015? (Assume that any deferred tax asset recognized is more likely than not to be realized.)

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The Answer of Use the following information for questions 89 and 90.
Wilcox Corporation reported the following results for its first three years of operation:  There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 30% for 2014 and 2015, and 40% for 2016.
-Assuming that Wilcox elects to use the carryback provision, what income (loss) is reported in 2015? (Assume that any deferred tax asset recognized is more likely than not to be realized.)

Use the Following Information for Questions 89 and 90