Calculating a Firm's Taxable Income
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A firm has an operating profit for the year of 1994 of $100000. It has net operating losses carry forward of -$60000 from 1992 and -$80000 from 1993. Assume its average tax rate is 25%. Further, assume that its operating profit for the year of 1995 is $150000.
What is Taxable income in 1995?
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Solution Summary
Brief explanation of how to find the taxable income given the operating profit and net operating losses.
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$140,000 loss carry forward to 1994's operating profit of ...
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