Answered: if a firm has an unprofitable year, the…

if a firm has an unprofitable year, the tax law includes carry-forward and carry-backward provisions to transfer tax reductions to profitable years. O True O False

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 15P

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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if a firm has an unprofitable year, the tax law includes carry-forward and carry-backward provisions to transfer tax reductions to profitable years.
O True
O False

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