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Required information [The following information applies to the questions displayed below.] Willow Corporation (a calendar-year C corporation) reported taxable income before the net operating loss
Required information [The following information applies to the questions displayed below.] Willow Corporation (a calendar-year C corporation) reported taxable income before the net operating loss deduction (NOL) in the amount of $100,000 in 2021. Willow had an NOL carryover of $90,000 to 2021. How much tax will Willow Corporation pay for 2021 and what is its NOL carryover to 2022 under the following assumptions? (Leave no answer blank. Enter zero if applicable.) a. $50,000 of the NOL carryover was generated in 2016 and $40,000 of the NOL carryover was generated in 2017. Willow Corporation tax liability in 2021 Willow Corporation NOL carryover to 2022
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