NOTE: The answer is NOT $200 Problem 11-4Corporate Capital Gains and Losses (LO 11.2)DeMaria Corporation, a calendar year corporation, generates the following taxable income (net operating losses) since its inception in 2018:Taxable resultYear2018201920202021$40,000(15,000)(5,000)6,000Assuming DeMaria makes no special elections with regard to NOLS, what is DeMaria's net operating loss carryforward into 2022? If your answer is zero, enter "0".200 X

Loss of one year can be carried forward and adjusted against profit of subsequent years.

Problem 11-4 Corporate Capital Gains and Losses (LO 11.2) DeMaria Corporation, a calendar year corporation, generates the following taxable income (net operating losses) since its inception in 2018: Year Taxable result 2018 2019 2020 2021 $40,000 (15,000) (5,000) 6,000 Assuming DeMaria makes no special elections with regard to NOLs, what is DeMaria's net operating loss carryforward into 2022? If your answer is zero, enter "0" S 200 X

Problem 11-4 Corporate Capital Gains and Losses (LO 11.2) DeMaria Corporation, a calendar year corporation, generates the following taxable income (net operating losses) since its inception in 2018: Year Taxable result 2018 2019 2020 2021 $40,000 (15,000) (5,000) 6,000 Assuming DeMaria makes no special elections with regard to NOLs, what is DeMaria's net operating loss carryforward into 2022? If your answer is zero, enter "0" S 200 X

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

NOTE: The answer is NOT $200

Problem 11-4
Corporate Capital Gains and Losses (LO 11.2)
DeMaria Corporation, a calendar year corporation, generates the following taxable income (net operating losses) since its inception in 2018:
Taxable result
Year
2018
2019
2020
2021
$40,000
(15,000)
(5,000)
6,000
Assuming DeMaria makes no special elections with regard to NOLS, what is DeMaria's net operating loss carryforward into 2022? If your answer is zero, enter "0".
200 X

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