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A comic store began operations in 2018 and, although it is incorporated as a limited liability company, it decided to be taxed as a corporation.
A comic store began operations in 2018 and, although it is incorporated as a limited liability company, it decided to be taxed as a corporation. In its first year, the comic store broke even. In 2019, it experienced a net operating loss of $200,000. In 2020, comic book sales soared, and the store earned $210,000 in taxable income. What is the store's 2020 taxable income and NOL carryforward?
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