Assume that Puritan Corp. operates in an industry for which NOL carryback is allowed. Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations:
Puritan's tax rate is 37% for all years. Puritan elected a loss carryback.
As of December 31, 2021. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback.
What did Puritan report on December 31, 2021, as the