ABC is a large company in Oman earned net profit of RO 360,000 in the tax year 2019. The company incurred a heavy loss of (OMR 240,000) in the year 2011. These losses were not carried forward and set-off from the succeeding years income and the company does not have any other adjustments during the year 2019. The taxable income of the company for the year 2019 will be: a. RO 120,000 b. RO 360,000 c. (RO 120,000) d. RO 240,000

ABC is a large company in Oman earned net profit of RO 360,000 in the tax year 2019. The company incurred a heavy loss of (OMR 240,000) in the year 2011. These losses were not carried forward and set-off from the succeeding years income and the company does not have any other adjustments during the year 2019. The taxable income of the company for the year 2019 will be: a. RO 120,000 b. RO 360,000 c. (RO 120,000) d. RO 240,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 68P

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