ABC, Inc. began operations in 2015. ABC is a C-Corporation who has elected to be taxed as
Fantastic news! We've Found the answer you've been seeking!
Question:
ABC, Inc. began operations in 2015. ABC is a C-Corporation who has elected to be taxed as a corporation. Their taxable income history is as follows:
2015: (100,000) in ordinary loss
2016: 100,000 in income
2017: (150,000) in an ordinary loss
2018: (150,000) in ordinary loss
2019: 50,000 in ordinary income
2020: 100,000 in ordinary income
2021: (290,000) in ordinary loss
2022: 720,000 in ordinary income
Assuming the proper NOL rules were followed, what should have been the taxable income in 2015 – 2022 after the application of any carryback or carryforwards? Also, what if any NOL carryover should we have going into 2023?
Expert Answer:
Year 2015 There is NOL of amount 100000 which is carryforwarded Net operting loss is 100000 Year 201... View the full answer
Posted Date:
