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Please help provide answers for parts A and B of the chart, thank you. LMNO Corporation was formed in 2011. It reported net income (loss)
Please help provide answers for parts A and B of the chart, thank you.
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 2012 2013 2014 2015 2016 2017 $ (4,000) $ 19,000 $ 23,000 $ (31,000) $ 11,000 $ (8,000) $ 3,000 Required: 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. Note: For all requirements, leave no cells blank - be certain to enter "O" wherever required. Taxable Income Year Part a Part b 2011 $ 0 2012 $ 0 2013 2014 $ 0 2015 2016 $ 0 $ 3,000 2017 2018 carryforwardStep by Step Solution
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