A new beach resort called “Isle Be Waiting” was organized as…
A new beach resort called “Isle Be Waiting” was organized as a corporation. In Year T, it had a net capital loss of $1,500,000. It was able to carry back $700,000 of the net capital loss to prior years to receive an immediate refund of capital gains taxes paid in prior years. However, the remaining net capital loss would have to be carried forward to Year T+1.What is the dollar amount of Isle Be Waiting’s book-tax difference in the Year T? Enter as a positive value rounded to the nearest whole number. Use commas when relevant but no decimals or dollar signs.
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