WCC Corp. has a $185,000 net operating loss carryover into 2020. Assume that it reported $92,000...
WCC Corp. has a $185,000 net operating loss carryover into 2020. Assume that it reported $92,000 of taxable income in 2020 (before the net operating loss deduction) and $115,000 of taxable income in 2021 (before the net operating loss deduction).
a. What is WCC’s taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $185,000 NOL carryover originated in 2016?
b. What is WCC’s taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $185,000 NOL carryover originated in 2019?
c. Assuming the $185,000 NOL carryover originated in 2019, what is WCC’s book-tax difference associated with the NOL in 2020 and in 2021 and identify the book tax difference for each year as permanent or temporary?
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WCC Corp. has a $185,000 net operating loss carryover into 2020.
Assume that it reported $92,000...
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fore farms reported a pretax operating loss of $137 million for
financial reporting purposes in 2021. Contributing to the loss were
a penalty of $5 million assessed by the environmental protection
agency for violation of a federal law and paid in 2021, and b.) an
estimated loss of $12 million from accruing a loss contingency. The
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9
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