ssibi

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  • in reply to: FAR Study Group 2020 #2542791
    ssibi
    Participant

    Can someone help me with the question below:

    Brass Co. reported income before income tax expense of $60,000 for year 2. Brass had no permanent or temporary timing differences for tax purposes. Brass has an effective tax rate of 30% and a $40,000 net operating loss carryforward from year 1. What is the maximum income tax benefit that Brass can realize from the loss carryforward for year 2?

    A. 12,000
    B. 18,000
    C. 20,000
    D. 40,000

    Due to the Tax Cuts and Jobs Act of 2017, NOL can be carried forward indefinitely (up to 80% of taxable income). Wiley says the answer is A. Is this still the case or would the correct answer be D?

    Good luck to everyone taking audit this quarter!
    in reply to: FAR Study Group 2020 #2471298
    ssibi
    Participant

    Does anyone have recommendations on where I could buy just FAR MCQs and sims? I need a ton of practice

    Good luck to everyone taking audit this quarter!
    in reply to: AUD Study Group – Q1 2018 #1691870
    ssibi
    Participant

    Thank you @Teal!

    Good luck to everyone taking audit this quarter!
    in reply to: AUD Study Group – Q1 2018 #1691753
    ssibi
    Participant

    Thank you Jen! Do you know when/where scores will be posted?

    Good luck to everyone taking audit this quarter!
    in reply to: AUD Study Group – Q1 2018 #1691692
    ssibi
    Participant

    Taking my first CPA exam ever tomorrow at 8:30 AM. I'm very nervous.

    Good luck to everyone taking audit this quarter!
Viewing 5 posts - 1 through 5 (of 5 total)


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