3- XYZ Inc. has a net operating loss of $200,000 for the 2020 tax year. XYZ reported taxable income in 2021 of $200,000. How much of the 2020 NOL can XYZ offset against its 2021 taxable income?

4- In 2020, PCC donated a total of $700,000 of cash to the American Red Cross. PCCs taxable income before the charitable contribution deduction, NOL carryover ($24,000), and DRD ($15,000) was $6,287,000. What is PCCs charitable contribution deduction for the year? What is its charitable contribution carryover to next year, if any?

5- Green Inc. computed its pretax book income to be $1,000. Green identified the following four bookstax differences that it will report on Schedule M-1 when it files Form 1120 later in the year

Tax-exempt interest income 50

tax penalties and fines 150

Accrued warranty 200

Depreciation in excess of book 100