WCC Corp. has a $100,000 net operating loss carryover into 2020. Assume that it reported $75,000 of
Question:
WCC Corp. has a $100,000 net operating loss carryover into 2020. Assume that it reported $75,000 of taxable income in 2020 (before the net operating loss deduction) and $30,000 of taxable income in 2021 (before the net operating loss deduction).
a. What is WCC’s taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $100,000 NOL carryover originated in 2016?
b. What is WCC’s taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $100,000 NOL carryover originated in 2019?
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a Taxable income in 2020 is 0 75000 minus 75000 NOL and the unused 25000 NOL carries over to ...View the full answer
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Related Book For 
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
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