Question: In its first year (year 1), Willow Corp. (a C Corporation) reports a loss for tax purposes of $50,000. In year 2 it reports a

In its first year (year 1), Willow Corp. (a C Corporation) reports a loss for tax purposes of $50,000. In year 2 it reports a $40,000 loss. For year 3, it reports taxable income from operations of $100,000 before any loss carryovers. How much tax will Willow Corp. pay in year 3, what is its NOL carryover to year 4, and when will the NOL expire under the following assumptions?(New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change. Leave no answer blank. Enter zero if applicable.)

Year 1 is 2018.

What is Willow Corp. tax liability in Year 3?

What will be Willow Corp. NOL carryover to Year 4?

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