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What is MWC taxable income after the NOL deduction

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Reference no: EM132649003

Problem - MWC Corp. is currently in the sixth year of its existence (2019). In 2014-2018, it reported the following income and (losses) (before net operating loss carryovers or carrybacks).

2014: $(86,500)

2015: (9,750)

2016: 48,750

2017: 144,000

2018: (28,500)

2019: 352,500

Required -

a. What is MWC's 2019 taxable income after the NOL deduction?

b. What is its 2019 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?

Reference no: EM132649003

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