28) & 29) Page Corporation, not a personal service corporation, has the following facts: In 2018, its first year of operations, Page Corporation had taxable income of $25,000. In 2019, Page Corporation has a net operating loss of $15,000 In 2020, Page Corporation has taxable income of $90,000.

28) What options does Page have with respect to its NOL generated in 2019 (post tax reform)?

a. Page can carry it back to 2017 and forward to 2020

b. Page can carry it forward to 2020

c. Page can only carry it back to 2018

d. Both a and b

29) If Page Corporation can carry the net operating loss forward to 2020, Page Corporation's revised tax liability (using post tax reform corporate tax rates) for 2020 will be

a. Page can only carryback the loss, so the 2020 liability is the same, $18,900

b. $2,100

c. $3,150

d. $15,750