56. LMNO Corporation was formed in 2007. It reported net income (loss) over the 2007through 2013 tax

Question:

56. LMNO was formed in 2007. It reported net income (loss) over the 2007through 2013 tax years, before accounting for any net operating losses, as follows:
2007$ (4,000)
2008$ 19,000
2009$ 23,000
2010 $ (31,000)
2011$ 11,000
2012$ (8,000)
2013 $ 3,000
a. Determine annual taxable income after accounting for any net operating losses for 2007to2013, assuming the does not waive the carry back period. Also determine any NOL carry forward to 2014.
b. Determine annual taxable income after accounting for any net operating losses for 2007 to 2013, assuming the waives the carry back period. Also determine any NOL carry forward to 2014.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...