Answered

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g Jesse Co. reports a taxable and pretax financial loss of $800,000 for 2019. Jesse's taxable and pretax financial income and tax rates for the last two years were: 2017 $800,000 20% 2018 800,000 35% The amount that Jesse should report as an income tax refund receivable in 2019, assuming that it uses the carryback provisions and that the tax rate is 40% in 2019, is

Sagot :

abiolataiwo2015

Answer:

$160,000

Explanation:

Calculation to determine The amount that Jesse should report as an income tax refund receivable in 2019

Using this formula

2019 income tax refund receivable=Taxable and pretax financial income * Tax rate

Let plug in the formula

2019 income tax refund receivable =($800,000 × 20%)

2019 income tax refund receivable= $160,000

Therefore The amount that Jesse should report as an income tax refund receivable in 2019 is $160,000

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