HONEY had an NOL in 2022 that it elected to carryforward to 2023 in the following scenario. What is the amount of NOL allowed for Scenario 1 and Scenrio 2, and what is the taxable income after NOL for both scenario 1 and scenario 2 ? a Income (Loss) before NOL NOL allowed Taxable income after NOL 2022 (75,000) n/a n/a 2 U 2023 (Scenario1) 50,000 2023 (Scenario2) 125,000

HONEY had an NOL in 2022 that it elected to carryforward to 2023 in the following scenario. What is the amount of NOL allowed for Scenario 1 and Scenrio 2, and what is the taxable income after NOL for both scenario 1 and scenario 2 ? a Income (Loss) before NOL NOL allowed Taxable income after NOL 2022 (75,000) n/a n/a 2 U 2023 (Scenario1) 50,000 2023 (Scenario2) 125,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Review Examples 50 and 52 (Section 1231 Computations) in the text. In both examples, the taxpayer's AGI is $129,400 even though in Example 52 there is $700 of nonrecaptured § 1231 loss from 2018. As part of the § 1231 lookback provision any net gain is______(either added to or offset against) any ______(either, nonrecaptured net § 1231 losses or recaptured net § 1231 losses) from the______ (either two three or five) prior tax years. Therefore, the $700 from 2018 results in part of the 2019 net § 1231 gain to be treated as_______(either a capital gain a nontaxable gain or ordinary income) Please fill in the blanks?
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A3
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a
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