The Graves Corporation was incorporated in 2015 and incurred a net operating loss of $35,000. The company's

Question:

The Graves was incorporated in 2015 and incurred a net operating loss of $35,000. The company's operating income in 2016 was $47,000. Because of a downturn in the local economy, the company suffers a net operating loss of $21,000 in 2017. What is the treatment of the 2017 loss?
How would your answer change if Graves were an S Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...