LMNO Corporation was formed in 2009. It reported net income (loss) over the 2009through 2015 tax years, before accounting for any net operating losses, as follows:
2009....................$ (4,000)
2010....................$ 19,000
2011....................$ 23,000
2012..................$ (31,000)
2013....................$ 11,000
2014....................$(8,000)
2015.....................$ 3,000
a. Determine annual taxable income after accounting for any net operating losses for 2009 to 2015, assuming the corporation does not waive the carry back period. Also determine any NOL carry forward to 2016.
b. Determine annual taxable income after accounting for any net operating losses for 2009 to 2015, assuming the corporation waives the carry back period. Also determine any NOL carry forward to 2016.