B12 Corporation is currently in the sixth year of its existence (2022). In 2017–2021, it reported...
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Accounting
B12 Corporation is currently in the sixth year of its existence (2022). In 2017–2021, it reported the following income and (loss) (before carryovers or net operating loss carryforwards).
2017
$ (77,000)
2018
(33,500)
2019
63,500
2020
150,500
2021
(228,500)
2022
307,000
Required:
1. What is B12's taxable income in 2022 after deduction of NOL (assuming he does not elect to forego any rollover, if any)?
2. What is your 2022 accounting tax difference associated with your NOL? Is it favorable or unfavorable? Is it permanent or temporary?
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