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Fortune Enterprises reports a $400,000 operating loss in 2023. The company has...

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Accounting

Fortune Enterprises reports a $400,000 operating loss in 2023. The company has provided you with the following data for its previous tax years:
Year Taxable Income
or (Loss) Tax
Rate Taxes
Paid
2020 $10,00040% $4,000
2021 $90,00020% $18,000
2022 $500,00020% $100,000
Determine the amount of loss carryback for 2023.
a. $100,000
b. $80,000
c. $160,000
d. $0

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