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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 $ (71,000) (30,500) 60,500 141,500 (225,500) 301,000

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 $ (71,000) (30,500) 60,500 141,500 (225,500) 301,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 $ (71,000) (30,500) 60,500 141,500 (225,500) 301,000
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 $ (71,000) (30,500) 60,500 141,500 (225,500) 301,000
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 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 Year 2022 Book-tax Difference
Transcribed Image Text: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 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 Year 2022 Book-tax Difference
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