LMNO Corporation was formed in 2011. It reported net income (loss) over the 2011 through...
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Accounting
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 | $ (2,400) |
|---|---|
| 2012 | $ 26,000 |
| 2013 | $ 27,200 |
| 2014 | $ (39,050) |
| 2015 | $ 12,100 |
| 2016 | $ (8,500) |
| 2017 | $ 6,450 |
Required:
- 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.
- 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.
Note: For all requirements, leave no cells blank - be certain to enter "0" wherever required.
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