03-42 Net Operating Loss Carryovers. In 2020, Ace Corporation reports gross income of $200.000 (including $150,000 of profit from its operations and $50,000 in dividends from less-than-20%-owned domestic corporations) and $230,000 of operating expenses. a. What is Ace's NOL for 2020? b. Assume that Ace expects 2021's taxable income to be $20,000 and 2022's taxable income to be $100,000, both before any NOL deduction in the carryover year. What NOL deductions can Ace expect to claim in 2021 and 2022? c. How would your answer to Part b change if, in addition to the 2020 NOL, Ace also had a $5,000 NOL carryover from a loss occurring before 2018