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Hello, please answer all items with explanation and calculations step by step so I can understand. Thank you for your help WCC Corporation has a
Hello, please answer all items with explanation and calculations step by step so I can understand. Thank you for your help
WCC Corporation has a $140,000 net operating loss carryover into 2021. Assume that it reported $83,000 of taxable income in 2021 (before the net operating loss deduction) and $70,000 of taxable income in 2022 (before the net operating loss deduction). (Leave no answer blank. Enter zero if applicable.) What is WCC's taxable income in 2021 and 2022 (after the net operating loss deduction), assuming the $140,000 NOL carryove riginated in 2016? b. What is WCC's taxable income in 2021 and 2022 (after the net operating loss deduction), assuming the $140,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss? c. Assuming the $140,000NOL carryover originated in 2020 and WCC elected to not carry back the loss, what is WCC's book-tax difference associated with the NOL in 2021 and in 2022 ? Identify the book-tax difference for each year as permanent or temporary
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