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In 2022, SML Corporation reported taxable income of $100,000 before any NOL deductions. SML has a $170,000 NOL carryover that originated in 2017 and
In 2022, SML Corporation reported taxable income of $100,000 before any NOL deductions. SML has a $170,000 NOL carryover that originated in 2017 and a $90,000 NOL carryover that originated in 2020. Note: Leave no answer blank. Enter zero if applicable. Required: a. What is SML's 2022 taxable income after the NOL deduction (assuming it elects to forgo any NOL carryback)? b. What NOLS can SML carryover to 2023? Answer is complete but not entirely correct. a. 2022 Taxable income b. SML's NOL carryover to 2023: From 2017 From 2020 $ 0 2,000 90,000
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