Norfolk Southern operates in an industry for which NOL carryback is not allowed, and had the following pretax income (loss) over its first three years of operations             2019 $ 1,200,000     2020   (900,000 )   2021   1,500,000        For each year there were no deferred income taxes and the tax rate was 25%. No valuation account was deemed necessary for the deferred tax asset as of December 31, 2020. What was Norfolk Southern's income tax expense in 2021?

Caesar Corporation reported income before taxes of $220,000 for the years 2020, 2021, and 2022. In 2023 they experienced a loss of $220,000. The company had a tax rate of 35% in 2020 and 2021, and a rate of 45% in 2022 and 2023. Assuming Caesar uses the carryback provisions for the net operating loss, by what amount will the income tax benefit reduce the net loss in 2023? Group of answer choices $88,000 $77,000 $99,000 $220,000

In 2020, Compton Ltd (Compton) incurred a loss of $1,260,000 for tax purposes, when the tax rate was 30%. Because the company had no prior taxable profit, it carried the entire loss forward. Considering the size of the tax loss, Compton management expected to recover only three-quarters of the tax loss by applying the tax loss to future taxable profit. On 1 January 2021, the income tax rate increased from 30% to 32%. In 2022, it expects that the reminder of the tax loss created in 2020 can fully recover by future taxable profits. Compton has a year end of 31 December. Required: Which of the following statement is considered not true in accordance with HKAS 12 ‘Income Taxes’?   A. Deferred tax assets should be adjusted upward to $94,500 in 2022   B. Deferred tax assets and liabilities as at start of 2021 should be adjusted upward   C. Deferred tax assets in January 2021 should be increased by $18,900   D. 75% of the tax loss in 2020 will be recognized as deferred…

NSync Manufacturing has a deferred tax asset account with a balance of P300,000 at the end of 2015 due to a single cumulative temporary difference of P 750,00. At the end of 2016, this same temporary difference has increased to a cumulative amount of P1,000,000. Taxable income for 2016 is P1,700,000. The tax rate is 40% for 2016, but enacted tax rates for all future years are 35%. Assuming it’s probable that 70% of the deferred tax asset will be realized, what amount will be reported on NSync manufacturing statement of financial position for the deferred tax asset at December 31, 2016