5. Mask Corporation generated a net operating loss of $60,000 in 2018 and taxable income of $24,000 in 2019. How much NOL can Mash use in 2019 to reduce taxable income?

a) $0

b) $19,200

c) $24,000

d) $60,000

9. Which of the following would not generally appear on the M-1 reconciliation?

a) Federal income tax expense per books

b) Tax-expemt interst income

c) Excess tax over book deperciation

d) Dividends recieved deduction

19. Boyce Industries, a manufacturing corporation, has accumulated earnings of $325,000 and cannot show any reasonable need for the accumulated earnings. What js Boyces accumulated earnings tax?

a) $15,000

b) $0

c) $13,750

d) $75,000

21. Any corporate AMT credit carryovers that existed at the end of 2017:

a) can be used to offset tax liability generated in 2018 and thereafter

b) do nkt expire

c) can generate a refundable credit of 50% of ang unused AMT credits

d) all of the above