Assume there is an interim year-to-date operating loss and a potential tax benefit associated with this loss. Which of the following is true?
a. The year-to-date loss is completely deductible at year end
b. The benefit associated with a year-to-date loss should be recognized if it is expected to be realized during the year and the benefit is recognizable as a deferred tax asset at the end of the year.
c. No interim year-to-date losses can be carried back against any prior year's income.
d. A current year-to-date interim loss may not be offset entirely by income in later interim periods of the current fiscal year.
d
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Tanner Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
a. Up b. Down c. Steady d. Cannot be determined
A formal rulemaking by an administrative agency is appropriate when an agency's enabling legislation ________
A) or other congressional directives do not require another form B) states that all rules must be enacted by the agency as part of a formal hearing process that includes a complete transcript C) or other congressional directives state that the agency must promulgate regulations D) provides an opportunity for all interested parties to submit written comments