Assume there is an interim year-to-date operating loss and a potential tax benefit associated with this loss.Which of the following is true?
A)The year-to-date loss is completely deductible at year end.
B)The benefit associated with a year-to-date loss should be recognized if it is expected to be realized during the year and the benefit is recognizable as a deferred tax asset at the end of the year.
C)No interim year-to-date losses can be carried back against any prior year's income.
D)A current year-to-date interim loss may not be offset entirely by income in later interim periods of the current fiscal year.

Question

Assume there is an interim year-to-date operating loss and a potential tax benefit associated with this loss.Which of the following is true?​
A)​The year-to-date loss is completely deductible at year end.
B)​The benefit associated with a year-to-date loss should be recognized if it is expected to be realized during the year and the benefit is recognizable as a deferred tax asset at the end of the year.
C)​No interim year-to-date losses can be carried back against any prior year's income.
D)​A current year-to-date interim loss may not be offset entirely by income in later interim periods of the current fiscal year.

Quizplus · Accepted Answer

The Answer of Assume there is an interim year-to-date operating loss and a potential tax benefit associated with this loss.Which of the following is true?​
A)​The year-to-date loss is completely deductible at year end.
B)​The benefit associated with a year-to-date loss should be recognized if it is expected to be realized during the year and the benefit is recognizable as a deferred tax asset at the end of the year.
C)​No interim year-to-date losses can be carried back against any prior year's income.
D)​A current year-to-date interim loss may not be offset entirely by income in later interim periods of the current fiscal year.

Assume There Is an Interim Year-To-Date Operating Loss and a Potential