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Brass co reported income before income tax expense of 60000

Question - Brass Co. reported income before income tax expense of $60,000 for 2017. 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 carry-forward from 2016. What is the maximum income tax benefit that Brass can realize from the loss carry-forward for 2017?

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Accounting Basics: Brass co reported income before income tax expense of 60000

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Prepared by a verified Expert

Accounting Basics: Brass co reported income before income tax expense of 60000

Reference No:- TGS02373634

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