Cedar Corporation reported a $25,000,000 net operating loss in 2021. It also has a $100,000 NOL carryover from 2017. In 2022, Cedar reported taxable income before any NOL carryovers of $20,000,000. What is Cedar's taxable income in 2022 after the NOL deduction and what is its NOL carryover, if any, to 2023? Answer is complete but not entirely correct. Cedar's taxable income in 2022 $19,900,000 x NOL carryover to 2023 $ 4,000,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Cedar Corporation reported a $25,000,000 net operating loss in 2021. It also has a $100,000 NOL carryover from 2017. In 2022,
Cedar reported taxable income before any NOL carryovers of $20,000,000. What is Cedar's taxable income in 2022 after the NOL
deduction and what is its NOL carryover, if any, to 2023?
X Answer is complete but not entirely correct.
Cedar's taxable income in 2022
$19,900,000 X
NOL carryover to 2023
$ 4,000,000 X
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Transcribed Image Text:Cedar Corporation reported a $25,000,000 net operating loss in 2021. It also has a $100,000 NOL carryover from 2017. In 2022, Cedar reported taxable income before any NOL carryovers of $20,000,000. What is Cedar's taxable income in 2022 after the NOL deduction and what is its NOL carryover, if any, to 2023? X Answer is complete but not entirely correct. Cedar's taxable income in 2022 $19,900,000 X NOL carryover to 2023 $ 4,000,000 X Mc Graw Hill < Prev 12 of 34 Next >
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