Reference no: EM133081301
Questions -
Q1. Which of the following statements regarding net operating losses generated in 2021 is true?
a. When a corporation applies a net operating loss carryover, it reports a favorable, permanent book-tax difference in the amount of the applied carryover.
b. A corporation can carry over the NOL indefinitely.
c. When a corporation applies a net operating loss carryover, it reports a unfavorable, temporary book-tax difference in the amount of the applied carryover.
d. A corporation can carry the NOL back two years and forward indefinitely.
e. Corporations can carry the NOL back two years and forward up to 20 years.
Q2. Nuggets C-corporation owns 2 percent of the Pacers C-corporation stock. Pacers corporation distributed a $40,000 dividend to Nuggets Corporation. Nuggets Corporation's taxable income was $45,000, which excluded the following: a dividends received deduction (before limitation), a $15,000 charitable contribution deduction, and a $5,000 NOL carryover. What is the amount of Nuggets's dividends received deduction on the dividend it received from Pacers Corporation?
a. $12,500.
b. $15,000.
c. $0.
d. $20,000.
e. $17,500.
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