How much is the NOLCO in Year B?
2. How much is the NOLCO in Year C?
3. How much is the NOLCO in Year E?
4. Taxpayer enjoyed its last year of its income tax holiday in 2020.  For that year, it reported however a net loss of P500,000.  For the taxable year 2021, it reported a net income of P300,000.  How much NOLCO must have been used by the taxpayer in 2021?

 

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2. A corporate taxpayer reported the following: Gross income Operating Expenses Net Income (Loss) Year A Year B 1,900,000 3,400,000 2,300,000 3,200,000 (400,000) Year C 3,000,000 3,200,000 Year D Year E 3,800,000 4,000,000 3,700,000 3,100,000 200,000 (200,000) 100,000 900,000 2. A corporate taxpayer reported the following: Gross income Operating Expenses Net Income (Loss) Year A Year B 1,900,000 3,400,000 2,300,000 3,200,000 (400,000) Year C 3,000,000 3,200,000 Year D Year E 3,800,000 4,000,000 3,700,000 3,100,000 200,000 (200,000) 100,000 900,000

Answer rating: 100% (QA)

1 To compute for the Net Operating Loss Carryover NOLCO in Year B we need to su... View the full answer