Question: In 2021, Smith Traders Incorporated and reported a net operating loss of $100,000. In 2022, before the NOL deduction, it reported taxable income of $50,000.

In 2021, Smith Traders Incorporated and reported a net operating loss of $100,000. In 2022, before the NOL deduction, it reported taxable income of $50,000. What is Smith Traders' 2022 taxable income after the NOL deduction and what is its NOI carryforward to 2023?

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