Courtney Corporation had the following income and expenses for the tax year:
$\begin{array}{ll}
\text { Gross profit on sales } & \$ 300,000 \
\text { Expenses } & \$ 600,000
\end{array}$
Dividends received from less-than-20%-
owned domestic corporations $\quad $ $\quad $ $\quad $$ \$ 20,000 $ Courtney had taxable income for the past three years of:
$$\begin{array} { l l }
2009 & \$ 100,000 \
2010 & \$ 120,000 \
2011 & \$ 80,000
\end{array}$$ a) Determine the corporation's NOL for the current year.
b) Determine the amount of NOL carried back to each preceding tax year and the amount of NOL, if any, available as a carryforward.

Question

Courtney Corporation had the following income and expenses for the tax year:
 $\begin{array}{ll}
\text { Gross profit on sales } & \$ 300,000 \
\text { Expenses } & \$ 600,000
\end{array}$
 Dividends received from less-than-20%-
 owned domestic corporations $\quad $ $\quad $ $\quad $$ \$ 20,000 $ Courtney had taxable income for the past three years of:
 $$\begin{array} { l l } 
2009 & \$ 100,000 \
2010 & \$ 120,000 \
2011 & \$ 80,000
\end{array}$$ a) Determine the corporation's NOL for the current year.
b) Determine the amount of NOL carried back to each preceding tax year and the amount of NOL, if any, available as a carryforward.

Quizplus · Accepted Answer

The Answer of Courtney Corporation had the following income and expenses for the tax year:
 $\begin{array}{ll}
\text { Gross profit on sales } & \$ 300,000 \
\text { Expenses } & \$ 600,000
\end{array}$
 Dividends received from less-than-20%-
 owned domestic corporations $\quad $ $\quad $ $\quad $$ \$ 20,000 $ Courtney had taxable income for the past three years of:
 $$\begin{array} { l l } 
2009 & \$ 100,000 \
2010 & \$ 120,000 \
2011 & \$ 80,000
\end{array}$$ a) Determine the corporation's NOL for the current year.
b) Determine the amount of NOL carried back to each preceding tax year and the amount of NOL, if any, available as a carryforward.

Courtney Corporation Had the Following Income and Expenses for the Tax