Use the Following Information for Questions

question 69

Multiple Choice

Use the following information for questions.
Wilcox Corporation reported the following results for its first three years of operation:

There were no permanent or temporary differences during these three years.Assume a corporate tax rate of 30% for 2010 and 2011, and 40% for 2012.
-Assuming that Wilcox elects to use the carryback provision, what income (loss) is reported in 2011? (Assume that any deferred tax asset recognized is probable to be realized.)

• A)$(900,000)
• B)$ -0-
• C)$(870,000)
• D)$(550,000)

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Definitions:

Organizational Citizenship

Volunteer actions of employees that contribute to the organization's well-being beyond the scope of their job requirements.

Internal

Refers to elements, operations, or factors existing or occurring within an entity or system.

External

pertains to factors, influences, or conditions that exist outside of the individual's personal control or internal environment.

Stable

A term describing something that is steady, not likely to change or fail; often used in reference to economic, emotional, or physical states.