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    Tax Credit or payment

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    My company lost $600,000 during 2004(its net income was -$600,000). The corporate tax rate is 40 percent. The company paid the following amount in taxes over the past five years:

    Year Taxes Paid
    1999 $ 50,000
    2000 75,000
    2001 60,000
    2002 40,000
    2003 160,000

    Assume that current carry back and carry forward provisions were available in prior years. Showing the computatin what will be my company's tax credit or tax payment for 2004?

    © BrainMass Inc. brainmass.com June 3, 2020, 6:27 pm ad1c9bdddf
    https://brainmass.com/business/accounting/tax-credit-or-payment-61144

    Solution Preview

    Total taxes paid in the last 5 years: 385,000

    Total income in the last 5 years= ...

    Solution Summary

    Computation of tax credit or tax payment.

    $2.19

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