Lilikoi Corporation began business in 2014 Lilikoi earned taxable income of $40,000 in 2014 and $120,000 in 2015 For 2016, Lilikoi Corporation has a net operating loss of $50,000 and decides to carry the loss back, filing a refund claim Compute the amount of corporate income tax that Lilikoi paid f...

Lilikoi paid 6000 tax for 2014 and 30050 tax for 2015 Lilikoi ...

Lilikoi Corporation began business in 2014. Lilikoi earned taxable income of $40,000 in 2014 and $120,000 in

Question:

Lilikoi began business in 2014. Lilikoi earned taxable income of $40,000 in 2014 and $120,000 in 2015. For 2016, Lilikoi has a net operating loss of $50,000 and decides to carry the loss back, filing a refund claim. Compute the amount of corporate income tax that Lilikoi paid for 2014 and 2015 and then determine the amount of tax that will be refunded from carrying back the 2016 NOL.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...