Bingo Corporation incurred a net operating loss in 2017.A portion of the loss carried over to 2019.Bingo can offset up to 100 percent of the corporation's taxable income in 2019.

Question

Quizplus · Accepted Answer

According to the IRS, net operating losses can be carried over to future years and can be used to offset up to 100 percent of taxable income in those years. Therefore, Bingo Corporation can offset a portion of their net operating losses from 2017 with their taxable income in 2019.

Bingo Corporation Incurred a Net Operating Loss in 2017