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Required information Problem 05-46 (LO 05-2) (Algo) [The following information applies to the questions displayed below.] WCC Corporation has a $180,000 net operating loss carryover
Required information Problem 05-46 (LO 05-2) (Algo) [The following information applies to the questions displayed below.] WCC Corporation has a $180,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $91,000 of taxable income in 2023 (before the net operating loss deduction) and $110,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. Problem 05-46 Part c Algo) Assuming the $180,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss, what is the book-tax difference for each year? Is it favorable or unfavorable? Is it temporary or permanent
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