Mast, Inc. reports a taxable and financial loss of $650,000 for 2009. Its pretax financial income for the last two years was as follows:
The amount that Mast, Inc. reports as a net loss for financial reporting purposes in 2009, assuming that it uses the carryback provisions, and that the tax rate is 30% for all periods affected, is
A) $650,000 loss.
B) $0.
C) $195,000 loss.
D) $455,000 loss.
Correct Answer:
Verified
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