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CIMAPRA19-F01-1 Exam - Topic 6 Question 37 Discussion

In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.The profits for the last four years of trading were:What are the taxable profits or losses for years 20X1 and 20X2?
B) 20X1 $143,000, 20X2 $ nil
A) 20X1 $10,000, 20X2 $113,000
C) 20X1 $150,000, 20X2 $133,000
D) 20X1 $150,000, 20X2 $nil

CIMAPRA19-F01-1 Exam - Topic 6 Question 37 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam
Question #: 37
Topic #: 6
[All CIMAPRA19-F01-1 Questions]

In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.

The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

Show Suggested Answer Hide Answer
Suggested Answer: B

by Carey at May 08, 2022, 03:57 PM

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Zana
7 months ago
Not sure about those numbers, seems off to me.
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Catalina
7 months ago
Definitely not option A, that profit looks way too low.
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Zena
8 months ago
Wait, they can carry back losses? That's interesting!
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Becky
8 months ago
I think option D makes the most sense here.
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Ronnie
8 months ago
DEF had a rough year with that $160k loss.
upvoted 0 times
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Eliseo
8 months ago
This looks like a tricky EIGRP routing question. I'll need to carefully analyze the network topology and routing information to determine the best solution.
upvoted 0 times
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Vicky
8 months ago
Okay, I've got this. DISCARDFILE is not a valid GLOBALS parameter, so I'll go with option A.
upvoted 0 times
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