There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 20% for 2019, 2020, and 2021. If Hughes decides to use the carryforward provision, what income (loss) is reported in 2020?

Hello your question is incomplete below is the missing part of the  question

Hughes Corporation reported the following results for its first three years of operation: 2019 income (before income taxes) $ 300,000, 2020 loss (before income taxes) (2,700,000) 2021 income (before income taxes) 3,000,000

Answer :  -$2160000 ( loss incurred )

Explanation:

Calculate the income ( loss ) as reported in 2020

First we calculate the deferred tax assets For loss carryforward to 2021

= 2020 loss (before income taxes ) * corporate tax rate

$2,700,000*20% = $540,000

Hence

Income (loss) as reported in 2020

= -$2,700,000 + $540,000

= $540,000 - $2,700,000

= -$2,160,000 ( loss incurred )

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