Self-Study Problem 11.2

a. During 2018, Taxus Corporation has ordinary income of $110,000, a long-term capital loss of $20,000, and a short-term capital loss of $5,000. Calculate Taxus Corporation's tax liability. $_________

b. In 2018, Maxus Corporation generates a net operating loss of $40,000. In 2019, Maxus generates taxable income of $45,000. What is the NOL carryforward to 2020, if any? $_________