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question archive Andy's Autos Inc

Andy's Autos Inc

Subject:FinancePrice:2.88 Bought19

Andy's Autos Inc. had a negative pretax income of ($400,000) in 2016, their first year in business. Luckily they were able to generate a pretax profit of $700,000 in 2017, and use their entire tax loss carry forward. Assuming they were in the 30% effective tax rate bracket, how much tax did they have to pay in 2017?

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