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WCC Corporation has a $115,000 net operating loss carryover into 2021. Assume that it reported $78,000 of taxable income in 2021 (before the net operating
WCC Corporation has a $115,000 net operating loss carryover into 2021. Assume that it reported $78,000 of taxable income in 2021 (before the net operating loss deduction) and $45,000 of taxable income in 2022 (before the net operating loss deduction). (Leave no answer blank. Enter zero if applicable.) Problem 05-46 Part b (Algo) b. What is WCC's taxable income in 2021 and 2022 (after the net operating loss deduction), assuming the $115,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss? Year Taxable Income 2021 $ 52,600 2022 $ 0
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