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Marvel Corporation (a C-corporation) has the following operating profit for 2019 through 2021. Year 2019 2020 2021 Operating profit ($60,000) $30,000 $50,000 Assume the marginal

Marvel Corporation (a C-corporation) has the following operating profit for 2019 through 2021.

Year 2019 2020 2021

Operating profit ($60,000) $30,000 $50,000

Assume the marginal tax rate is flat 21%. (1) Discuss the tax consequences in year 2019, 2020, and 2021, respectively. (2) Why does the tax law allow business taxpayers to carry the net operating loss (NOL)?

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