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Can someone please help me answer A-C? WCC Corporation has a $145,000 net operating loss carryover to 2022 from a previous year. Assume that it
Can someone please help me answer A-C?
WCC Corporation has a $145,000 net operating loss carryover to 2022 from a previous year. Assume that it reported $84,000 of taxable income in 2022 (before the net operating loss deduction) and $75,000 of taxable income in 2023 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. Required: a. What is WCC's taxable income in 2022 and 2023 (after the net operating loss deduction), assuming the $145,000 NOL carryover originated in 2017? b. What is WCC's taxable income in 2022 and 2023 (after the net operating loss deduction), assuming the $145,000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? c. Assuming the $145,000 NOL 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 unfavorable? Is it temporary or permanent? Complete this question by entering your answers in the tabs below. What is WCC's taxable income in 2022 and 2023 (after the net operating loss deduction), assuming the $145,000 NOL. carryover originated in 2017 Step by Step Solution
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