acct 387 ch 16 hw q 141516

Required information [The following information applies to the questions displayed below] WCC Corporation has a $155,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $86,000 of taxable income in 2023 (before the net operating loss deduction) and $85,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $155,000 NOL carryover riginated in 2017 ? Required information [The following information applies to the questions displayed below] WCC Corporation has a \$155,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $86,000 of taxable income in 2023 (before the net operating loss deduction) and $85,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. b. What is WCCs taxable income in 2023 and 2024 (afer the net operating loss dectuction), assuming the $155.000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? Required information The following information applies to the questions displayed below] WCC Corporation has a $155,000 net operating loss carryover to 2023 from a previous year, Assume that it reported $86,000 of taxable income in 2023 (before the net operating loss deduction) and $85,000 of taxable income in 202.4 (before the net operating loss deduction). Note: Leave no answer blank, Enter zero if applicable. c. Assuming the $155,000NOL carryover originated in 2020 and WCC elected to not carry back the loss, what is the book-tax difference for each year? is it favorable or unfavoroble? is it temporary or permanent