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Business, 24.03.2020 23:05 blackordermember

Theodore Enterprises had the following pretax income (loss) over its first three years of operations: 2016 $ 500,000 2017 (900,000 ) 2018 1,500,000 For each year there were no deferred income taxes and the tax rate was 30%. In its 2017 tax return, Theodore elected a net operating loss carryback. No valuation account was deemed necessary for the deferred tax asset as of December 31, 2017. What was Theodore's income tax expense for 2018?

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Theodore Enterprises had the following pretax income (loss) over its first three years of operations...

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