Question: ABC, Inc. began operations in 2015. ABC is a C-Corporation who has elected to be taxed as a corporation. Their taxable income history is as

ABC, Inc. began operations in 2015. ABC is a C-Corporation who has elected to be taxed as a corporation. Their taxable income history is as follows:

2015: (100,000) in ordinary loss

2016: 100,000 in income

2017: (150,000) in an ordinary loss

2018: (150,000) in ordinary loss

2019: 50,000 in ordinary income

2020: 100,000 in ordinary income

2021: (290,000) in ordinary loss

2022: 720,000 in ordinary income

Assuming the proper NOL rules were followed, what should have been the taxable income in 2015 – 2022 after the application of any carryback or carryforwards? Also, what if any NOL carryover should we have going into 2023?

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Year 2015 There is NOL of amount 100000 which is carryforwarded Net operting loss is 100000 Year 201... View full answer

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