Grimes Corporation began business in 2017 and incurred losses for its first two years. In...
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Accounting
Grimes Corporation began business in 2017 and incurred losses for its first two years. In 2019, it became profitable. The following table shows Grimes's taxable income before consideration of its NOLs:
2017
2018
2019
2020
2021
2022
Taxable income
$ (820,000)
$ (254,000)
$ 320,000
$ 541,000
$ 210,000
$ 298,000
Required:
Recompute Grimess taxable income for 2019 through 2022 after its allowable net operating loss deduction.
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