Problem 4-13 Net Operating Losses (LO 4.9) Tyler, a single taxpayer, generates business income of $3,000 in 2016. In 2017, he generates an NOL of $2,000. In 2018, he incurs another NOL of $5,000. In 2019, he generates a modest business income of $6,000 and then in 2020, the COVID-19 pandemic results in an NOL of $13,000. Assume that in all years, Tyler adopts the NOL treatment that results in the earliest and greatest refund. Provide a chronological analysis of Tylers treatment of NOLs through 2020.

In 2017, Tyler carries back his $2,000 NOL against his 2016 income leaving $_1,000 __ fill in the blank 3 of 2016 income.

In 2018, Tyler carries forward the NOL to 2019 $ ___??____

In 2019, Tyler can offset 80% of his 2019 income with the 2018 NOL and he has a $___??____ fill in the blank 8 carryforward from 2018 .

In 2020, the COVID provisions allows him to carryback $___??____ fill in the blank 10 to 2016 He can now use all of the remaining $___??___ fill in the blank 12 2018 loss against the 2019 income and then can use another $___??___ fill in the blank 13 of 2020 NOL against the remaining 2019 income. The remaining $__??___ fill in the blank 14 NOL from 2020 may be carried forward indefinitely, to use against 80% of future taxable income.

Problem 4-13 Met Operating Losses (49) Tyler, a single taxpayer, Denerates business income of $3,000 in 2016. In 2017, he generates an MOL of $2.000. In 2018, heinours another NOL of 5,000. 2019, he generates a modest business income of $6.000 and then in 2020, the COVID-19 pandemic results in an NOL of $15.000. Assume that in all years. Tyler adopts the NOL treatment that results in the earliest and greatest refund. Provide a chronological analysis of Tyler's treatment of NOLs through 2020. In 2017, Tyler carries back his $2.000 NOL against his 2016 income leaving of 2016 income In 2018, Tyler carries forward the NO to 2019 In 2019. Tercant of his 2019 income with the 2018 NOL and he has as Carryforward from 2010 of In 2020, the COVID provisions allows him to carryback 2020 NOL against the remaining 2019 income. The remainings to 2016 He can now use all of the remainings 2018 los apainst the 2019 income and then can ve another NOL from 2020 may be carried forward indefinitely, to use against 80% of future taxable income