Lilikoi Corporation began business in 2011 Lilikoi earned taxable income of $40,000 in 2011 and $120,000 in 2012 For 2013, Lilikoi Corporation has a net operating loss of $50,000 and decides to carry the loss back, filing a refund claim Compute the amount of corporate income tax that Lilikoi paid f...

Lilikoi paid 6000 tax for 2011 and 30050 tax for 2012 Lilikoi ...

Lilikoi Corporation began business in 2011. Lilikoi earned taxable income of $40,000 in 2011 and $120,000 in

Question:

Lilikoi began business in 2011. Lilikoi earned taxable income of $40,000 in 2011 and $120,000 in 2012. For 2013, Lilikoi has a net operating loss of $50,000 and decides to carry the loss back, filing a refund claim. Compute the amount of corporate income tax that Lilikoi paid for 2011 and 2012 and then determine the amount of tax that will be refunded from carrying back the 2013 NOL.
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...