SHAPTER 5 Corporate Operations LO 52 55. Mwc Corp. is currently in the sixth year of its existence (2017). In 2012-2016, it reported the following income and (losses) (before net operating loss carryovers or carrybacks). 2012 $ (70,000) 2013 (30,000) 201460,000 2015140,000 2016 (25,000) 2017 300,000 a) Assuming the original facts and that MWC elects to not carry back NOLs, what was MWC's 2015 taxable income? b) If MWC does not elect to forgo any NOL carrybacks, what is its 2017 taxable income after the NOL deduction? c) If MWC always elects to forgo NOL carrybacks, what is its 2017 taxable income after the NOL deduction? What is its 2017 book-tax difference associated with its NOLIs it favorable or unfavorable? Is permanent or temporary? ? it