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MWC Corporation is currently in the sixth year of its existence (2021). In 2016-2020, it reported the following income and (losses) (before net operating loss carryovers or carrybacks). 2016 2017 2018 2019 2020 2021 $ (69,000) (19,000) 56,750 162,000 (220,500) 340,000 a. What is MWC's 2021 taxable income after the NOL deduction (assume it elects to carryback any NOLs it is allowed to carryback)? 2021 taxable income after the NOL deduction $ 119,500 b. What is its 2021 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Year Book-tax Difference $ 220,500 Favorable or Unfavorable Favorable Temporary or Permanent Temporary 2021 Tax Year NOL Originated Carrybacks Carryovers Beginning before 2018 Forward 20 years. Can offset 100% of taxable income before the NOL deduction. Back two years.* Can offset 100% of taxable income before the NOL deduction in carryback years. Back five years.* Can offset up to 100% of taxable income before the NOL deduction in Beginning after 2017 and before 2021 carryback years. Carried forward indefinitely. Can offset up to 100% of taxable income before the NOL deduction in tax years beginning before 2021. In tax years beginning after 2020, can offset up to 80 percent of taxable income after deducting NOL carryovers from NOLs originating in tax years beginning before 2018. Carried forward indefinitely. Can offset up to 80 percent of taxable income remaining after deducting NOL carryovers from NOLs originating in tax years beginning before 2018. Beginning after 2020 Not allowed