Question
LMNO Corporation was formed in 2008. It reported net income (loss) over the 2008 through 2014 tax years, before accounting for any net operating losses,
LMNO Corporation was formed in 2008. It reported net income (loss) over the 2008 through 2014 tax years, before accounting for any net operating losses, as follows:
| 2008 | $ | (3,900) |
| 2009 | $ | 19,800 |
| 2010 | $ | 24,100 |
| 2011 | $ | (21,900) |
| 2012 | $ | 19,100 |
| 2013 | $ | (10,000) |
| 2014 | $ | 5,950 |
a. Determine annual taxable income after accounting for any net operating losses for 2008 to 2014, assuming the corporation does not waive the carryback period. Also determine any NOL carryforward to 2015.
b. Determine annual taxable income after accounting for any net operating losses for 2008 to 2014, assuming the corporation waives the carryback period. Also determine any NOL carryforward to 2015.
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