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WCC Corporation has a $225,000 net operating loss carryover to 2023 from a previous year....

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Accounting

WCC Corporation has a $225,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $100,000 of taxable income in 2023(before the net operating loss deduction) and $155,000 of taxable income in 2024(before the net operating loss deduction).
Note: Leave no answer blank. Enter zero if applicable.
c. Assuming the $225,000 NOL 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?

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