Tamarisk Inc. incurred a net operating loss of $450,000 in 2017. Combi


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Tamarisk Inc. incurred a net operating loss of $450,000 in 2017. Combined income for 2015 and 2016 was $329,000. The tax rate for all years is 30%. Tamarisk elects the carryback option. Assume that it is more likely than not that the entire net operating

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Tamarisk Inc. incurred a net operating loss of $450,000 in 2017. Combined
income for 2015 and 2016 was $329,000. The tax rate for all years is 30%. Tamarisk elects the carryback option. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years.

Journal entry

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