Mask Corporation generated a net operating loss of $60,000 in 2018 and taxable income of $24,000 in

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Mask Corporation generated a net operating loss of $60,000 in 2018 and taxable income of $24,000 in 2019. How much NOL can Mask use in 2019 to reduce taxable income? 

a. $0 

b. $19,200 

c. $24,000 d. $60,000

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...
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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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