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WCC Corp. has a $100,000 net operating loss carryover into 2020. Assume that it reported $75,000 of taxable income in 2020 (before the net operating
WCC Corp. has a $100,000 net operating loss carryover into 2020. Assume that it reported $75,000 of taxable income in 2020 (before the net operating loss deduction) and $30,000 of taxable income in 2021 (before the net operating loss deduction). Assume CARES Act applies. (Leave no answer blank. Enter zero if applicable.)
a. What is WCCs taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $100,000 NOL carryover originated in 2016?
Year | Taxable Income |
2020 | |
2021 |
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