Question: 8 . In 2 0 2 4 , SML Corporation reported taxable income of $ 1 0 0 , 0 0 0 before any NOL

8. In 2024, SML Corporation reported taxable income of $100,000 before any NOL deductions. SML has a $170,000 NOL carryover that originated in 2017 and a $90,000 NOL carryover that originated in 2021.
a. What is SML's 2024 taxable income after the NOL deduction (assuming it elects to forgo any NOL carryback)?
b. What NOLs can SML carryover to 2025?
2023: ($225,000)
2024: $300,000
a. What is B12's 2024 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?
b. Given what you know about book-tax differences, what is its 2024 booktax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?

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