Question
B12 Corporation is currently in the sixth year of its existence (2022).In 20172021, it reported the following income and (loss) (before carryovers or net operating
B12 Corporation is currently in the sixth year of its existence (2022). In 2017–2021, it reported the following income and (loss) (before carryovers or net operating loss carryforwards).
| 2017 | $ (77,000) |
|---|---|
| 2018 | (33,500) |
| 2019 | 63,500 |
| 2020 | 150,500 |
| 2021 | (228,500) |
| 2022 | 307,000 |
Required:
- 1. What is B12's taxable income in 2022 after deduction of NOL (assuming he does not elect to forego any rollover, if any)?
- 2. What is your 2022 accounting tax difference associated with your NOL? Is it favorable or unfavorable? Is it permanent or temporary?
Step by Step Solution
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Step: 1
1 To calculate B12 Corporations taxable income in 2022 after deducting the Net Operating Loss NOL we ...
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Taxation Of Individuals And Business Entities 2018 Edition
Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver
9th Edition
1259711838, 978-1259711831
