In 2023, LAA Incorporated made a charitable donation of $112,000 to the Trevor Project (o qualifying charify) For the year, LAA reported taxable income of $562,000, which included a $112.000 charitable contribution deduction (before limitation) and a $51,200 dividends-recetved deduction, and a $112,000 net operating loss cariyover from 2022 Whot is LA Incorporateds chartable contubution deduction for 2023 ? Assume the charitable donation is not a qualified contribution trecause LAA incorporated did not make the necessary election. Required information Problem 16-46 (LO 16-2) (Algo) [The following information applies to the questions displayed below] WCC Corporation has a $110,000 net operating lo5s carryover to 2023 from a previous year. Assume that it reported $77,000 of taxable income in 2023 (before the net operating loss deduction) and $40,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. Problem 16-46 Part a (Algo) a. What is WCCs taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $110.000 NOL carryover originated in 2017 ? Required information Problem 16.46 (LO 16-2) (Algo) [The followng information applies to the questions displayed below] WCC Corporation tias a $110,000 net operating loss carryover to 2023 from a previous year Assume that it reported $71000 of taxable income in 2023 (before the net operating loss deduction) and $40.000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank: Enter zero if applicable. Problem 16.46 Part c Algo) c. Assuming the $110.000 NOL carryover originated in 2020 and wCC elected to not carry bock the loss. What is the book-tax difference for each year? is it favorable or unfovorable? is it temporary or permanent? Required information Problem 16-46 (LO 16-2) (Algo) The following information appiles to the questions disployed below) WCC Corporation has a $110,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $77.000 of taxable income in 2023 (before the net operating loss deduction) ond $40.000 of taxable income in 2024 (before the net operating loss deduction) Note: Leave no answer blank. Enter zero if applicable. Probiem 16-46 Part b (Algo) b. What is WCCs taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $110,000 NOL carryover originated in 2020 and WCC elected to forgo the NOt carry back option
