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Calculate Taxus Corporation tax liability

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Reference no: EM132677144

Problem -

1. During the current tax year, Taxus Corporation has ordinary income of $110,000, a long-term capital loss of $20,000, and a short-term capital loss of $5,000. Calculate Taxus Corporation's tax liability.

2. In 2018, Maxus Corporation generates a net operating loss of $40,000. In 2019, Maxus generates taxable income of $45,000. What is the NOL carryforward to 2020, if any?

Reference no: EM132677144

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