Net operating loss to be carried forward

Assignment Help Accounting Basics
Reference no: EM13129732

Assume the following facts:

2005 taxable income (modified) $19,000
2006 net operating loss ($24,000)
2007 taxable income (modified) $24,000
2008 taxable income (modified) $36,000
2009 net operating loss ($30,000)
2010 net operating loss ($34,000)

Also assume:

1) That the taxpayer has consistently elected to carryback the net operating losses as incurred and elected the "two-year" carryback provision.

2) There was no taxable income in tax years prior to 2005.

Required:

a) To what years can the 2006,2009 and 2010 net operating losses be carried back? (show amount of carryback and years involved)

b) After applying the net operating losses for 2006, 2009 and 2010 to prior years ( if and where permitted), what amount, if any, is available as a net operating loss to be carried forward to future years?

Reference no: EM13129732

Questions Cloud

Draw the structure of the product that would be formed : N-Phenylmaleimide, can act as a dienophile in the Diels-Alder reaction Draw the structure of the product that would be formed by the treatment of N-phenylmaleimide with
Annual depreciation and end of year accumulation : Prepare a schedule showing the annual depreciation and end of year accumulated depreciation for the first three years of the asset's life under the straight-line method.
Prepare the journal entry to record the purchase of the bond : Prepare the journal entry to record the purchase of the bonds by Saxton-Bose on January 1, 2011. Enter your answers in dollars not in millions. Round "PV Factor" to 5 decimal places andfinal answers to the nearest whole dollar amount.
Concept of process costing system : A single product in one department and uses a process costing system. At the start of May, there were 10,000 units in process that were 100 percent complete with respect to direct material and 60 percent complete with respect to conversion costs (..
Net operating loss to be carried forward : After applying the net operating losses for 2006, 2009 and 2010 to prior years ( if and where permitted), what amount, if any, is available as a net operating loss to be carried forward to future years?
Organic chemistry mechanism and conceptual problems : Organic chemistry mechanism and conceptual problems involving, 1. Write equations to show how nitronium ions might be formed using a mixture of nitric and sulfuric acids.
What amount of loss may monica use for the current year : Monica (not in the loan business) loaned Lateisha $25,000 two years ago. During the current year, Lateisha declared bankruptcy.
Explain how should she treat the loss for tax purposes : Assume instead that Sam sold the stock to his sister, Kara, a few months after it was acquired for $100,000 (its fair market value). If Kara sells the stock for $60,000 in the current year, explain how should she treat the loss for tax purposes?
Investment in crustacean account : Pelican'W s Investment in Crustacean account for 2003 should increase by:

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd