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Assume that Theodore Enterprises operates in an industry for which NOL carryback is allowed. Theodore Enterprises had the following pretax income (loss) over its first three years of operations:2022 520,0002023 (880,000)2024 1,540,000For each year there were no deferred income taxes and the tax rate was 25%. In its 2023 tax return, Theodore elected a net operating loss carryback. No valuation account was deemed necessary for thedeferred tax asset as of December 31, 2023. What was Theodore's inco
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