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Required information Problem 13-65 (LO 13-3) (Algo) [The following information applies to the questions displayed below.) WCC Corp. has a $205,000 net operating loss carryover
Required information Problem 13-65 (LO 13-3) (Algo) [The following information applies to the questions displayed below.) WCC Corp. has a $205,000 net operating loss carryover into 2020. Assume that it reported $96,000 of taxable income in 2020 (before the net operating loss deduction) and $135,000 of taxable income in 2021 (before the net operating loss deduction). (Leave no answer blank. Enter zero if applicable.) Problem 13-65 Part a (Algo) a. What is WCC's taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $205,000 NOL carryover originated in 2016? X Answer is complete but not entirely correct. Year Taxable Income 2020 $ 2021 $ 96,000 X Problem 13-65 Part b (Algo) b. What is WCC's taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $205,000 NOL carryover originated in 2019? Year Taxable Income 2020 2021 Problem 13-65 Part c (Algo) C. Assuming the $205,000 NOL carryover originated in 2019, what is WCC's book-tax difference associated with the NOL in 2020 and in 2021 and identify the book tax difference for each year as permanent or temporary? Book-tax difference 2020 Book-tax difference 2021
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