For this tax year, Madison Corporation had taxable income of $80,000 before using any of the net operating loss from the previous year. Madison has never elected to forgo the carryback of its losses since incorporation five years ago. Madison's books and records reflect the following income (loss)since its incorporation. What amount of taxable income (loss)should Madison report on its current tax return?

Question

For this tax year, Madison Corporation had taxable income of $80,000 before using any of the net operating loss from the previous year. Madison has never elected to forgo the carryback of its losses since incorporation five years ago. Madison's books and records reflect the following income (loss)since its incorporation.  What amount of taxable income (loss)should Madison report on its current tax return?

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The Answer of For this tax year, Madison Corporation had taxable income of $80,000 before using any of the net operating loss from the previous year. Madison has never elected to forgo the carryback of its losses since incorporation five years ago. Madison's books and records reflect the following income (loss)since its incorporation.  What amount of taxable income (loss)should Madison report on its current tax return?

For This Tax Year, Madison Corporation Had Taxable Income of $80,000