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Habiby, Inc., began operations in 2018 and has the following income and expenses for 2018 through 2021. 2018 2019 2020 2021 Income $320,000 $320,000 $180,000

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Habiby, Inc., began operations in 2018 and has the following income and expenses for 2018 through 2021. 2018 2019 2020 2021 Income $320,000 $320,000 $180,000 (280,000) $300,000 (150,000) Expenses Operating Income (400,000) $(80,000) (220,000) $100,000 $(100,000) $150,000 a. What is the amount of tax that Habiby should pay each year? If an amount is zero, enter "O". 2018 2019 2020 2021 b. How much would Habiby have paid in tax if the old NOL rules were in place but the corporate tax rate was 21 percent?. If an amount is zero, enter "O". 2018 2019 2020 2021

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