Question
create a memo to answer the following with proof of why this method was used ABC, Inc. began operations in 2015. ABC is a C-Corporation
create a memo to answer the following with proof of why this method was used ABC, Inc. began operations in 2015. ABC is a C-Corporation who has elected to be taxed as a corporation. Their taxable income history is as follows:
2015: (100,000) in ordinary loss
2016: 100,000 in income
2017: (150,000) in an ordinary loss
2018: (150,000) in ordinary loss
2019: 50,000 in ordinary income
2020: 100,000 in ordinary income
2021: (290,000) in ordinary loss
2022: 720,000 in ordinary income
Assuming the proper NOL rules were followed, what should have been the taxable income in 2015 2022 after the application of any carryback or carryforwards? Also, what if any NOL carryover should we have going into 2023?
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