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
Kyle worked as a free-lance software engineer for the first three months of 2013. During that time, he earned $78,000 of self-employment income. On April 1, 2013, Kyle took a job a

Department of Accounting Principles of Federal Income Taxation IOWA STATE UNIVERSITY ACCT 485 (SPRING 2013) ?TO: Tax Consulting Team FROM: Jon Perkins DATE: March 26th, 2013 RE: Ta

Suppose a company issues common stock to the public for $25 a share. The expected dividend is $2.50 per share and the growth in dividends is 8%. If the flotation cost is 10% of the


tds late filing fee code & late filing interest code

need help with tax return assignment


Background information Jim set up a limited company; Show the Way Limited (The Company), along with his father in 1983. The company is incorporated in Scotland and has been reg


If Daniel's marginal tax rate is 35 percent and he has $115,200 of other capital gains (taxed at 15 percent), what is the tax savings from the special tax treatment? Daniel is c