Question
Copp, Inc., a calendar year taxpayer, generated the following taxable income and losses before considering the use of any NOLs. Taking into account the temporary
Copp, Inc., a calendar year taxpayer, generated the following taxable income and losses before considering the use of any NOLs. Taking into account the temporary law changes in the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, determine Copps final taxable income for each year afer considering the NOLs.Question.
Income Pre-NOL Income after NOL
2014 $1,200,000 _____________
2015 $1,000,000 ______________
2016 $1,000,000 ______________
2017 $1,000,000 ______________
2018 ($1,500,000)
2019 ($1.500,000)
2020 ($500,000)
2021 ($1,500,000)
2022 $ 500,000 ______________
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