3' For each of the following situations, enter the correct amounts in the designated cells below. Enter all values as positive whole numbers. If no entry is necessary or the answer is zero, enter a zero (0). Assume all NOLs were generated in 2018 or later. Situation Answer 1. For the tax year ended December 31, Year 4, Kustan Co. had gross income of $300,000 and operating expenses of $500,000. Included in the operating expenses is a contribution of $7,000 made to qualifying charities. What is Kustan's net operating loss for Year 4? 2. During Year 3, Tennis Corporation had gross income of $70,000 and operating expenses of $95,000. Tennis Co. also received dividend income of $60,000 from a domestic corporation in which Tennis is a 25% shareholder. What is Tennis Co.'s net operating loss for Year 3? 3. For each of the following years, Gobby Corporation had net income (loss) per books as follows: 1. Year 1 $20,000 2. Year 2 - $15,000 3. Year 3 $(65,000) What amount of NOL may be carried forward to Year 4? 4. For Year 3, Association Corporation had taxable income of $49,000 before using any of its net operating loss from Year 2. Association's books and records reflect the following income (losses): 1. Year 1 $15,000 2. Year 2 -- $(40,000) What amount of taxable income must Association report on its Year 3 tax return? $13,000 $35,000 123 123 123 123