Which of the following statements does not accurately describe the accounting for net operating losses?
A. A firm must assess future profitability when determining the amount of a deferred tax asset.
B. Prior to 2017, GAAP required the deferred tax asset to be allocated between the current and noncurrent balance sheet classifications.
C. The net operating loss may be both carried forward and backward.
D. The net operating loss must be carried back two years.
Answer: D
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Profitability measures are intended to indicate an entity's ability to earn income by operating efficiently
a. True b. False Indicate whether the statement is true or false
In July of this year, Sam performs financial consulting services for William. On August 1, Sam sends William a bill for $1,200. As of September 30, Sam has not heard from William. After repeated efforts to collect the fee, Sam discovers in November that William has left the state and cannot be found. If Sam is an accrual basis taxpayer, for the current year, he can deduct:
A. $- 0 -. B. an $800 ordinary loss. C. a $1,200 ordinary loss. D. a $1,200 short-term capital loss. E. a $1,200 long-term capital loss.
Denny’s was named in multiple lawsuits for ______.
a. diversity issues b. sexist issues c. gender issues d. LGBTQ issues
Under the Bankruptcy Act, the debtor must file which of the following?
a. A list of creditors. b. Copies of tax returns for the previous five years. c. A list of family members and persons who might be considered "insiders.". d. All of these.