net operating loss carryovers or carrybacks). $ (90,000) (40,000) 70,000 170,000 2017 2018 2019 2020 2021 2022 (235,000) 320,000 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 A Required B >
net operating loss carryovers or carrybacks). $ (90,000) (40,000) 70,000 170,000 2017 2018 2019 2020 2021 2022 (235,000) 320,000 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 A Required B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![net operating loss carryovers or carrybacks).
$ (90,000)
(40,000)
70,000
170,000
(235,000)
320,000.
2017
2018
2019
2020
2021
2022
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 B
Required A
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 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb6087bb7-78b5-4684-8462-8769f9c8c6a2%2F3ebf7a05-d5ec-4900-922e-653ae0b7ee8e%2F5duwfke_processed.jpeg&w=3840&q=75)
Transcribed Image Text:net operating loss carryovers or carrybacks).
$ (90,000)
(40,000)
70,000
170,000
(235,000)
320,000.
2017
2018
2019
2020
2021
2022
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 B
Required A
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 >
![net operating loss carryovers or carrybacks).
2017
2018
2019
2020
2021
2022
$(90,000)
(40,000)
70,000
170,000
(235,000)
320,000
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
Unfavorable
Temporary or
Permanent
Book-tax
Difference
< Required A
Required B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb6087bb7-78b5-4684-8462-8769f9c8c6a2%2F3ebf7a05-d5ec-4900-922e-653ae0b7ee8e%2Fhcoag2g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:net operating loss carryovers or carrybacks).
2017
2018
2019
2020
2021
2022
$(90,000)
(40,000)
70,000
170,000
(235,000)
320,000
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
Unfavorable
Temporary or
Permanent
Book-tax
Difference
< Required A
Required B >
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education