Determine net operating loss carryover, Taxation

Good Health Company Inc. began business in 2007 and has operating results as listed below. In 2009 & 2010 it generated net operating losses of $75,000 and $120,000 respectively. These losses were determined after the company had filed its 2011 return. The following table shows Good Health Company's taxable income and tax before consideration of any NOLD. The tax rate for all years is 35%.

Year                            2007                2008                2009                2010                2011

Taxable Income           80,000             95,000             (75,000)           (120,000)         19,000

Tax                              28,000             33,250             -0-                    -0-                    6,650

Recompute Good Health Company's taxable income and tax as well as any refunds due. Also determine any net operating loss carryover to years subsequent to 2011. Assume that the company elects to carry any losses back (two years) then forward.

Posted Date: 2/15/2013 1:00:29 AM | Location : United States







Related Discussions:- Determine net operating loss carryover, Assignment Help, Ask Question on Determine net operating loss carryover, Get Answer, Expert's Help, Determine net operating loss carryover Discussions

Write discussion on Determine net operating loss carryover
Your posts are moderated
Related Questions
Question 1: "The legitimate object of government is to do for a community of people whatever they need to have done, but cannot do at all, or cannot so well do, for themselves

Income tax groupings given by the Internal Revenue Service (IRS) that decide that at what rate an individual, corporation's or trust, annual income will expose to federal income ta

"The $3,600 of property taxes for the house were prorated with $1,950 being apportioned to the seller and $1,650 being apportioned to the buyer. In December of the current year the

Investment T ax Credit A reduction in corporate income taxes is equal to a percent of the cost of a new asset in the year that the new asset is placed in the servic

Cecil C. Seymour is a 646-year-old widower. He had income for 2013 as follows: Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest inco

28) Explain how Treasury Department Circular 230 differs from the AICPA’s Statements on Standards for Tax Services.

two years ago, corporation used its excess cash to purchase piece of land as an investment. Is this ordinary, capital or 1231 asset?

How do I find the original price of an item after the tax was placed?

how work contract tax is to be shown in the invoice?

Carol is a successful physician who owns 100% of her incorporated medical practice. She and her husband, Jared, are considering the purchase of a commercial office building located