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Question · Reassessment of deferred tax assets

Kerdouvan did not recognise an asset for 900,000 of losses carried forward in 20X2. Since then, it has made taxable profit every year, signed multi-year contracts and its documented forecasts cover 600,000 of remaining losses. Its accountant keeps recognising no asset 'for consistency with 20X2'. What do you conclude (25% rate)?

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