! Required information [The following information applies to the questions displayed below.] WCC Corporation has a $175,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $90,000 of taxable income in 2023 (before the net operating loss deduction) and $105,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. b. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $175,000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? Answer is complete but not entirely correct. Year Taxable Income 2023 $ 20,000 × 2024 $ 20,000 ×

! Required information [The following information applies to the questions displayed below.] WCC Corporation has a $175,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $90,000 of taxable income in 2023 (before the net operating loss deduction) and $105,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. b. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $175,000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? Answer is complete but not entirely correct. Year Taxable Income 2023 $ 20,000 × 2024 $ 20,000 ×

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 42P

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WCC Corporation has a $115,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $78,000 of taxable income in 2023 (before the net operating loss deduction) and $45,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. c. Assuming the $115,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss, what is the book-tax difference for each year? Is it favorable or unfavorable? Is it temporary or permanent? Year 2023 2024 Book-tax Difference Favorable or Unfavorable Temporary or Permanent
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