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In its first vear Tapka gener ted 84 fnet

In its first vear Tapka gener ted 84 fnet

FINANCIAL ACCOUNTING
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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Sir please help me urgently please
Accounting In its first year, Tanka. generated $84,000 of net operating loss, and made a $5,700 cash donation to a local charity. In its second year, Tanka generated a $244,000 profit, and made a $10,700 donation to the same charity. $244,000 Income from operations ($84,000) Less: Net Operating carry forward $160,000 Taxable income before charitable deduction ($16,000) Less: Charitable contributions @ 10% = $144,000 Taxable Income What amount of NOL was utilized? If there was a limit how much is it and if there was a carry forward NOL how much is it?
Transcribed Image Text:Accounting In its first year, Tanka. generated $84,000 of net operating loss, and made a $5,700 cash donation to a local charity. In its second year, Tanka generated a $244,000 profit, and made a $10,700 donation to the same charity. $244,000 Income from operations ($84,000) Less: Net Operating carry forward $160,000 Taxable income before charitable deduction ($16,000) Less: Charitable contributions @ 10% = $144,000 Taxable Income What amount of NOL was utilized? If there was a limit how much is it and if there was a carry forward NOL how much is it?
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