Recognizing Tax Benefits in a Loss Year Due to a Net

question 68

Multiple Choice

Recognizing tax benefits in a loss year due to a net operating loss carryforward requires:

• A) Creating a tax refund receivable.
• B) Note disclosure only.
• C) Creating a deferred tax asset.
• D) Creating a deferred tax liability.

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Definitions:

Preschool

An educational establishment or learning environment for children typically aged between three and five years old, prior to compulsory education.

Kindergarten

A preschool educational approach traditionally based around playing, singing, practical activities, and social interaction.

Cultural Identity

The feeling of belonging to a group, community, or culture, influenced by shared traditions, beliefs, and experiences.

Bilingualism

The ability of an individual to use and understand two languages proficiently.