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Required information [The following information applies to the questions displayed below.] WCC Corporation has a $100,000 net operating loss carryover into 2021. Assume that
Required information [The following information applies to the questions displayed below.] WCC Corporation has a $100,000 net operating loss carryover into 2021. Assume that it reported $75,000 of taxable income in 2021 (before the net operating loss deduction) and $30,000 of taxable income in 2022 (before the net operating loss deduction). (Leave no answer blank. Enter zero if applicable.) b. What is WCC's taxable income in 2021 and 2022 (after the net operating loss deduction), assuming the $100,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss? Year Taxable Income 2021 $ 0 2022 $ 0
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