XY is a domestic corporation. The taxable period is 2020 year gross income deductions 2016 4,000,000 6,000,000 2017 5,000,000 4,500,00 2018 6,000,000 6,300,000 2019 7,000,000 6,800,000 2020 6,000,000 5,800,000 2021 6,000,000 5,000,000 Compute for the (Net operating loss carry over) claimable in 2021. Show computation A. Zero B. 100,000 C. 200,000 D. 300,000
XY is a domestic corporation. The taxable period is 2020 year gross income deductions 2016 4,000,000 6,000,000 2017 5,000,000 4,500,00 2018 6,000,000 6,300,000 2019 7,000,000 6,800,000 2020 6,000,000 5,800,000 2021 6,000,000 5,000,000 Compute for the (Net operating loss carry over) claimable in 2021. Show computation A. Zero B. 100,000 C. 200,000 D. 300,000
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 1MCQ: Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a short-term capital loss...
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XY is a domestic corporation. The taxable period is 2020
| year | gross income | deductions |
| 2016 | 4,000,000 | 6,000,000 |
| 2017 | 5,000,000 | 4,500,00 |
| 2018 | 6,000,000 | 6,300,000 |
| 2019 | 7,000,000 | 6,800,000 |
| 2020 | 6,000,000 | 5,800,000 |
| 2021 | 6,000,000 | 5,000,000 |
Compute for the (Net operating loss carry over) claimable in 2021. Show computation
A. Zero B. 100,000 C. 200,000 D. 300,000
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT