Mask Corporation generated a net operating loss of $60,000 in 2018 and taxable income of $24,000 in

Question:

Mask Corporation generated a net operating loss of $60,000 in 2018 and taxable income of $24,000 in 2019. How much NOL can Mask use in 2019 to reduce taxable income?

a. $0

b. $19,200

c. $24,000 d. $60,000

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...

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