Suppose your firm had the following taxable income amounts: 2012 ($2 million) operating loss 2013 ($2 million) operating loss 2014 ($2 million) operating loss 2015 $10 million After you "carry forward" the operating losses, what is the effective taxable income for 2015?
A. $1 million
B. $4 million
C. $0
D. $3 million
E. $2 million
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