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  3. zzz company had $750,000 cumulative operating loss

ZZZ Company had $750,000 cumulative operating losses prior to the beginning of last year. It...

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Accounting

ZZZ Company had $750,000 cumulative operating losses prior to the beginning of last year. It had $150,000 in pre-tax earnings last year before using the past operating losses. It has $300,000 in the current year pre-tax earnings before using the past operating losses. It projects $450,000 pre-tax earnings next year. (Note the maximum allowed carryforward loss is limited to 80% of the unadjusted taxable operating income.)

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