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Extraordinary Losses - the income tax on the income...

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Extraordinary Losses To illustrate the reporting of an extraordinary loss, assume that Schindler Co. has income before income tax and extraordinary item of $250,000. It suffers an extraordinary loss from a major casualty of $100,000. Assuming a 30 percent tax rate, Schindler presents
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Unformatted text preview: the income tax on the income statement as shown in Illustration 4-14. In this case, the loss provides a positive tax benefit of $30,000. Schindler...
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