Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: Puritan's tax rate is 40% for all years. As of December 31, 2013, Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What would Puritan report as net income for 2014?

Question

Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations:  Puritan's tax rate is 40% for all years. As of December 31, 2013, Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What would Puritan report as net income for 2014?

Quizplus · Accepted Answer

The Answer of Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations:  Puritan's tax rate is 40% for all years. As of December 31, 2013, Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What would Puritan report as net income for 2014?