Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017 and elects to forego
Question:
Tyler, a single taxpayer, generates a net operating loss of $12,000 in 2017 and elects to forego any carryback. He also generates a net operating loss of $6,000 in 2018. Finally, in 2019, Tyler’s business turns a corner and he generates taxable income of $17,000.
a. How much of Tyler’s 2017 NOL is carried forward to 2020?
b. How much of Tyler’s 2018 NOL is carried forward to 2020?
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a 0 Tyler is able to offset 100 of the 2017 NOL with 2019 income 17000 12000 ...View the full answer
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Related Book For 
Income Tax Fundamentals 2020
ISBN: 9780357108239
38th Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
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