LMNO Corporation was formed in 2011. It reported net income
(loss) over the 2011 through 2017 tax years, before accounting for
any net operating losses, as follows:
2011 $ (4,000)
2012 19,000
2013 23,000
2014 (31,000)
2015 11,000
2016 (8,000)
2017 3,000
a. Determine annual taxable income after accounting for any net
operating losses for 2011 to 2017 assuming the corporation does
not waive the carryback period. Also determine any NOL
carryforward to 2018.
b. Determine annual taxable income after accounting for any net
operating losses for 2011 to 2017 assuming the corporation
waives the carryback period. Also determine any NOL
carryforward to 2018.
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