Craig's Cars, a car dealership founded in 2020, had taxable income and net operating losses as follows (before any NOL deduction): Tax Year Taxable Income/(NOL) 2020 $90,000 2021 ($50,000) 2022 $60,000 2023 $55,000 What is the amount of Craig's Cars 2022 NOL deduction? Enter as a positive number. Hint: make sure not to confuse the NCL (net capital loss) carryover rules with the NOL (net operating loss) carryover rules.

Craig's Cars, a car dealership founded in 2020, had taxable income and net operating losses as follows (before any NOL deduction): Tax Year Taxable Income/(NOL) 2020 $90,000 2021 ($50,000) 2022 $60,000 2023 $55,000 What is the amount of Craig's Cars 2022 NOL deduction? Enter as a positive number. Hint: make sure not to confuse the NCL (net capital loss) carryover rules with the NOL (net operating loss) carryover rules.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 68P

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