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46. WCC Corp. has a $100,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $75,000 of taxable income in
46. WCC Corp. has a $100,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $75,000 of taxable income in 2023 (before the net operating loss deduction) and $30,000 of taxable income in 2024 (before the net operating loss deduction). a) What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $100,000NOL carryover originated in 2017 ? b) What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $100,000NOL carryover originated in 2020 and WCC elected to forgo the NOL carryback option? c) Assuming the same facts as in part (b), what is WCC's book-tax difference associated with the NOL in 2023 and in 2024 ? Identify the book-tax difference for each year as permanent or temporary
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