2 Corporation is currently in the sixth year of its existence (2022). In 2017-2021, it reported the following income and losses) (before et operating loss carryovers or carrybacks). 2017 2018 2019 2020 2021 2022 $ (76,000) (33,000) 63,000 149,000 (228,000) 306,000 Required: . What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What is 812's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? 2022 taxable income after the NOL deduction Required B >
2 Corporation is currently in the sixth year of its existence (2022). In 2017-2021, it reported the following income and losses) (before et operating loss carryovers or carrybacks). 2017 2018 2019 2020 2021 2022 $ (76,000) (33,000) 63,000 149,000 (228,000) 306,000 Required: . What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What is 812's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? 2022 taxable income after the NOL deduction Required B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Accounting
Requirement #1 and Requirement #2
Transcribed Image Text:B12 Corporation is currently in the sixth year of its existence (2022). In 2017-2021, it reported the following income and (losses) (before
net operating loss carryovers or carrybacks).
2017
2018
2019
2020
2021
2022
$ (76,000)
(33,000)
63,000
149,000
(228,000)
306,000
Required:
a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?
b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?
Complete this question by entering your answers in the tabs below.
Required A Required B
What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?
2022 taxable income after the NOL deduction
Required B >
Transcribed Image Text:B12 Corporation is currently in the sixth year of its existence (2022). In 2017-2021, it reported the following income and (losses) (before
net operating loss carryovers or carrybacks).
2017
2018
2019
2020
2021
2022
$ (76,000)
(33,000)
63,000
149,000
(228,000)
306,000
Required:
a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?
b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?
Complete this question by entering your answers in the tabs below..
Year
2022
Required A Required B
What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?
Favorable or Temporary or
Unfavorable Permanent
Book-tax
Difference
< Required A
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