WCC Corp. has a $225,000 net operating loss carryover into 2023. Assume that it reported $100,000 of taxable income in 2023 (before the net operating loss deduction) and $155,000 of taxable income in 2024 (before the net operating loss deduction). b. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $155,000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? 2023 taxable income? 2024 taxable income?

WCC Corp. has a $225,000 net operating loss carryover into 2023. Assume that it reported $100,000 of taxable income in 2023 (before the net operating loss deduction) and $155,000 of taxable income in 2024 (before the net operating loss deduction). b. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $155,000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? 2023 taxable income? 2024 taxable income?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 28P

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