LMNO Corporation was formed in 2011. It reported net income (loss) over the 2011 through 2017 tax years, before accounting for any net operating losses, as follows: 2011 2012 2013 2014 2015 2016 2017 $ (2,900) $ 19,400 $ 28,000 $ (24,000) $ 19,600 $ (9,000) $ 4,850 a. Determine annual taxable income after accounting for any net operating losses for 2011 to 2017, assuming the corporation does not waive the carryback period. Also determine any NOL carryforward to 2018. b. Determine annual taxable income after accounting for any net operating losses for 2011 to 2017, assuming the corporation waives the carryback period. Also determine any NOL carryforward to 2018.
LMNO Corporation was formed in 2011. It reported net income (loss) over the 2011 through 2017 tax years, before accounting for any net operating losses, as follows: 2011 2012 2013 2014 2015 2016 2017 $ (2,900) $ 19,400 $ 28,000 $ (24,000) $ 19,600 $ (9,000) $ 4,850 a. Determine annual taxable income after accounting for any net operating losses for 2011 to 2017, assuming the corporation does not waive the carryback period. Also determine any NOL carryforward to 2018. b. Determine annual taxable income after accounting for any net operating losses for 2011 to 2017, assuming the corporation waives the carryback period. Also determine any NOL carryforward to 2018.
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 51P
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Transcribed Image Text:LMNO Corporation was formed in 2011. It reported net income (loss) over the 2011 through 2017 tax years, before accounting for any
net operating losses, as follows:
2011
2012
2013
2014
2015
2016
2017
$ (2,900)
$ 19,400
$ 28,000
$ (24,000)
$ 19,600
$ (9,000)
$ 4,850
a. Determine annual taxable income after accounting for any net operating losses for 2011 to 2017, assuming the corporation does not
waive the carryback period. Also determine any NOL carryforward to 2018.
b. Determine annual taxable income after accounting for any net operating losses for 2011 to 2017, assuming the corporation waives
the carryback period. Also determine any NOL carryforward to 2018.
Year
2011
2012
2013
2014
2015
2016
2017
2018 Carry forward
Taxable Income
Part a
Part b
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