Delta Corporation incurs a $100,000 NOL in 2022. In 2023, the corporation reports the following items: Even

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Delta Corporation incurs a $100,000 NOL in 2022. In 2023, the corporation reports the following items:

Even though the numbers in this problem are small, assume that Delta does not qualify for the small business exemption from the net business interest limitation.
a. What is Delta’s taxable income in 2023?
b. What are Delta’s carryovers to 2024?

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Pearsons Federal Taxation 2023 Comprehensive

ISBN: 9780137840656

36th Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse

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Question Posted: Feb 15, 2023 06:06 AM

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Delta Corporation incurs a $100,000 NOL in 2022. In 2023, the corporation reports the following items: Even

Question:

Gross profit from operations Operating expenses other than interest expense Business interest expense $200,000 120,000 30,000

Step by Step Answer:

a 11200 Deltas taxable income for 2023 is calculated as follows b 6000 interest 55200 NOL Delta has ...View the full answer

Pearsons Federal Taxation 2023 Comprehensive

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