Terrell Company, a U.S. Corporate filer, provides you with the following information:YearReported Income (Loss)2020$ (8,000)20214,000202210,000The...
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Terrell Company, a U.S. Corporate filer, provides you with the following information:
YearReported Income (Loss)2020$ (8,000)20214,000202210,000The company doesn't report any book tax difference and is subject to a 40% income tax rate. Terrell Company reported a $3,200 NOL carryforward benefit in 2020. Determine the reversal (utilization) of the deferred tax asset for 2021 and 2022.
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