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LMNO Corporation was formed in 2011. It reported net income (loss) over the 2011 through 2017 tax years, before accounting for any net operating losses,
LMNO Corporation was formed in 2011. It reported net income (loss) over the 2011 through 2017 tax years, before accounting for any net operating losses, as follows: 2011 $ (2,900) 2012 $ 19,400 2013 28,000 2014 $ (24,000) 2015 $ 19,600 2016 2017 $ (9,000) $ 4,850 a. Determine annual taxable income after accounting for any net operating losses for 2011 to 2017, assuming the corporation does not waive the carryback period. Also determine any NOL carryforward to 2018. b. Determine annual taxable income after accounting for any net operating losses for 2011 to 2017, assuming the corporation waives the carryback period. Also determine any NOL carryforward to 2018. Taxable Income Year Part a Part b 2011 2012 2013 2014 2015 2016 2017 2018 Carry forward
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