MWC Corporation is currently in the sixth year of its existence (2021). In 2016-2020, it...
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MWC Corporation is currently in the sixth year of its existence (2021). In 2016-2020, it reported the following income and (losses) (before net operating loss carryovers or carrybacks). 2016 2017 2018 $ (93,000) (7,750) 66,750 169,000 (234,500) 2019 2020 2021 440,000 a. What is MWC's 2021 taxable income after the NOL deduction (assume it elects to carryback any NOLS it is allowed to carryback)? Answer is complete but not entirely correct. 2021 taxable income after the NOL deduction $ 205,500 b. What is its 2021 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Answer is not complete. Year Book-tax Difference Favorable or Unfavorable Temporary or Permanent 2021 Favorable Temporary
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