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Lyft began operating in 2014. The company lost money the first year but has been profitable...

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Finance

Lyft began operating in 2014. The company lost money the firstyear but has been profitable ever since.The company’s taxableincome (EBT) for its first five years is listed below. Each yearthe company’s corporate tax rate has been 35%.

Year Taxable Income

  1. 2014 −$5,000,000

  2. 2015 $2,000,000

  3. 2016 $2,000,000

  4. 2017 $2,000,000

  5. 2018 $3,000,000

Assume that the company has taken full advantage of the TaxCode’s carry-back, carry-forward provisions and that the currentprovisions were applicable in 2014. How much did the company pay intaxes in 2017 and 2018?

  1. $700,000 and $1,050,000

  2. $350,000 and $1,050,000

  3. $800,000 and $1,200,000

  4. $600,000 and $900,000

  5. None of the above

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