Good health company inc began business in 2008 and has

Reference no: EM13577261

Good Health Company Inc. began business in 2008 and has operating results as listed below. In 2010 it generated a net operating loss of $385,000. This loss is determined after the company had filed its 2012 return. The following table shows Good Health Company%u2019s taxable income and tax before consideration of any NOLD. The tax rate for all years is 35%.

Year 2008 2009 2010 2011 2012
Taxable Income 80,000 95,000 (385,000) 120,000 19,000
Tax 28,000 33,250 -0- 42,000- 6,650

Recompute Good Health Company%u2019s taxable income and tax as well as any refunds due. Also determine any net operating loss carryover to years subsequent to 2012. Assume that the company elects to carry any losses back then forward.

Reference no: EM13577261

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