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B12 Corporation is currently in the sixth year of its existence (2022). In 20172021, it reported the following income and (losses) (before net operating loss
B12 Corporation is currently in the sixth year of its existence (2022). In 20172021, it reported the following income and (losses) (before net operating loss carryovers or carrybacks).
| 2017 | $ (76,000) |
|---|---|
| 2018 | (33,000) |
| 2019 | 63,000 |
| 2020 | 149,000 |
| 2021 | (228,000) |
| 2022 | 306,000 |
Required:
- What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?
- What is its 2022 booktax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?
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