Federal Income Tax II Business Income Tax ACCT Accounting

Please answer in Excel formula format

2. L0.9 Child Corporation joined the Madre consolidated group in year 1 . At the time it joined the group, Child held a $2,000,000 NOL carryforward. On a consolidated basis, the members of Madre generated significant profits for many years. Child's operating results during the first few consolidated return years were as follows. The 382 rules do not apply to the group. All tax years occur after 2020 . A table has two columns with three rows, with the column headers Tax Year, Taxable Income. Row 1 reads: 1, (\$100,000). Row 2 reads: 2, $1,600,000. Row 3 reads: 3,$1,800,000. a. How will Child's NOLs affect consolidated taxable income for each of these years? b. Express your NOL computations for years 2 and 3 as a single Microsoft Excel formula