Reference no: EM133079083
Question - Determine taxable income in each of the following independent cases. In all cases, the company was very profitable in all years prior to 2017 and it had retained earnings of $1,000,000 at the end of 2017.
a. In 2018, Company A has taxable income of $60,000 prior to consideration of any net operating loss. In 2017, the company incurred a net operating loss of $10,000. It did not elect to waive the carryback period. Determine 2018 taxable income.
b. In 2018, Company B has taxable income of $50,000 prior to consideration of any net operating loss. In 2017, the company incurred a net operating loss of $20,000. It elected to waive the carryback period. Determine 2018 taxable income.
c. In 2021, Company C has taxable income of $35,000 prior to consideration of any net operating loss. In 2020, the company incurred a net operating loss of $30,000. Determine 2021 taxable income.
d. In 2021, Company D has taxable income of $35,000 prior to consideration of any net operating loss. In 2017, the company incurred a net operating loss of $5,000. It elected to waive the carryback period. In 2018, the company incurred a net operating loss of $40,000. In 2019 and 2020 the company had net income of zero. Determine 2021 taxable income.
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