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Willow Corporation (a calendar-year C corporation) reported taxable income before the net operating loss deduction (NOL) in the amount of $100,000 in 2021. Willow had
Willow Corporation (a calendar-year C corporation) reported taxable income before the net operating loss deduction (NOL) in the amount of $100,000 in 2021. Willow had an NOL carryover of $90,000 to 2021. How much tax will Willow Corporation pay for 2021 and what is its NOL carryover to 2022 under the following assumptions? (Leave no answer blank. Enter zero if applicable.) Problem 15-57 Part b (Static) b. $40,000 of the NOL was generated in 2016 and $50,000 was generated in 2020.
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