3. Assume the same facts as in part (2) except that the company only began operations last year, and it reported a net operating loss for both accounting and tax purposes last year. How might this...

3. Assume the same facts as in part (2) except that the company only began operations last year, and it reported a net operating loss for both accounting and tax purposes last year. How might this fact explain why the first two quarters of the current year reported an effective tax rate of less than 30%?