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  3. wcc corporation has a $115,000 net operating loss

WCC Corporation has a $115,000 net operating loss carryover to 2023 from a previous year....

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Accounting

WCC Corporation has a $115,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $78,000 of taxable income in 2023(before the net operating loss deduction) and $45,000 of taxable income in 2024(before the net operating loss deduction).
Note: Leave no answer blank. Enter zero if applicable.
c. Assuming the $115,000NOL carryover originated in 2020 and WCC elected to not carry back the loss, what is the book-tax difference for each year? Is it favorable or unfavorable? Is it temporary or permanent?
\table[[Year,\table[[Book-tax],[Difference]],\table[[Favorable or],[Unfavorable]],\table[[Temporary or],[Permanent]]],[2023,,,],[2024,,,]]
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