1. For the tax year ended December 31, Year 4, Kustan Co. had gross income of...

 

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1. For the tax year ended December 31, Year 4, Kustan Co. had gross income of $300,000 and operating expenses of $500,000. Included in the operating expenses is a contribution of $7,000 made to qualifying charities. What is Kustan's net operating loss for Year 4? 2. During Year 3, Tennis Corporation had gross income of $70,000 and operating expenses of $95,000. Tennis Co. also received dividend income of $60,000 from a domestic corporation in which Tennis is a 25% shareholder. What is Tennis Co's net operating loss for Year 3? 3. For each of the following years, Gobby Corporation had net income (loss) per books as follows: 1. Year 1 - $20,000 2. Year 2 - $15,000 3. Year 3 -- $(65,000) What amount of NOL may be carried forward to Year 4? 1. For the tax year ended December 31, Year 4, Kustan Co. had gross income of $300,000 and operating expenses of $500,000. Included in the operating expenses is a contribution of $7,000 made to qualifying charities. What is Kustan's net operating loss for Year 4? 2. During Year 3, Tennis Corporation had gross income of $70,000 and operating expenses of $95,000. Tennis Co. also received dividend income of $60,000 from a domestic corporation in which Tennis is a 25% shareholder. What is Tennis Co's net operating loss for Year 3? 3. For each of the following years, Gobby Corporation had net income (loss) per books as follows: 1. Year 1 - $20,000 2. Year 2 - $15,000 3. Year 3 -- $(65,000) What amount of NOL may be carried forward to Year 4?