XYZ had a net operating loss of $800,000 in 2018 XYZ had taxable income ( before any NOL deduction) of $200,000 in 2019 and $700,000 in 2020. What is XYZ's taxable income after its NOL deduction in 2019 and 2020. For purposes of this question ignore the provisions in the CARES AC O A. $0 in 2019 and $100,000 in 2020 B. $40,000 in 2019 and $140,000 in 2020 O c. $40,000 in 2019 and $60,000 in 2020 OD. $200,000 in 2019 and $700,000 in 2020 Peter owns 100 % of XYZ Corporation. On January 1, 2020 XYZ has accumulated earnings and profits of $100,000 Current earnings and profits in 2020 were $200,000. Peter's has a basis in his XYZ shares of $150,000 On December 31, 2020 XYZ distributes $600,000 to Peter. What income or gain muat Peter recognize on his 2020 federal income tax return? O A. $600,000 dividend income O B. $200,000 dividend income and $250,000 capital gain C. $450,000 capital gain OD. $300,000 dividend income and $150,000 capital gain Lilah Inc (LI) has the following items of income and expense in 2018 ( post Tax Reform Act) Sales $125,000,000, cost of goods sold 25,000,000 , sales and marketing expense $ 40,000,000, depreciation $10,000,000, and interest expense $ 30,000 ,000 What is Li's 2018 taxable income ? ( Note, the CARES Act does not apply in 2018.) O A. $32,000,000 O B. $35,000,000 OC. $20,000,000 OD. $60,000,000