Question

Bronson sustaibed a $43,390 NOL in 2018. His loss is reported on firm 1040, schedule c....

Bronson sustaibed a $43,390 NOL in 2018. His loss is reported on firm 1040, schedule c. The firts year to which Bronson carriez back his NOL is?

Homework Answers

Answer #1

Net operating loss(NOL) is basically a business loss that exceeds is total income, before January 1, 2018, there was a provision of carry back of NOL 2 years and carry forward upto 20 years. But the new amendment taken by TCJA, carry back provision of 2 years is eliminated and carry forward is allowed for unlimited years, also business can not set off loss 100% in any taxable year, only upto 80% can be set off, so by this Bronson is not allowed to carry back and he will carry forward it to 2019 taxable income if any.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In 2017, Brennon calculated a ($18,942) NOL on his Form 1045, Schedule A. Brennon wants to...
In 2017, Brennon calculated a ($18,942) NOL on his Form 1045, Schedule A. Brennon wants to carryback his 2017 NOL to 2015. In 2015, Brennon filed single, had no dependents, took the standard deduction, and his AGI reported on his Form 1040, line 37, was $46,210. Brennon's 2015 income tax was $4,928 and his 2015 self-employment tax was $7,026. Using Form 1045, pages 1 and 2, carryback Brennon's 2017 NOL to 2015 and calculate his refund. $2,820. $2,828. $2,835. $2,843.
In 2017, Chester calculated a ($23,497) NOL on his Form 1045, Schedule A. Chester wants to...
In 2017, Chester calculated a ($23,497) NOL on his Form 1045, Schedule A. Chester wants to carryback his 2017 NOL to 2015. In 2015, Chester filed single, had no dependents, took the standard deduction, and his AGI reported on his Form 1040, line 37, was $31,598. Chester's 2015 income tax was $2,730 and his 2015 self-employment tax was $4,804. Using Form 1045, pages 1 and 2, carryback Chester's 2017 NOL to 2015 and calculate his refund. $2,730. $3,075. $4,133. $5,797.
44. Santiago reported the following amounts in his 2018 tax return: Interest income $   6,000 Loss...
44. Santiago reported the following amounts in his 2018 tax return: Interest income $   6,000 Loss from sole proprietorship (20,000) AGI (14,000) Standard deduction (12,000) ($26,000) Santiago has generated an NOL of A) $0. B) ($26,000). C) ($14,000). D) ($20,000). 45. A taxpayer incurs a net operating loss in the current year. With respect to the application of the NOL, A) the taxpayer will carry back the NOL three years first, then carry forward any balance for five years. B)...
Willow Corp. (a C corporation) reported taxable income before the net operating loss deduction (NOL) in...
Willow Corp. (a C corporation) reported taxable income before the net operating loss deduction (NOL) in the amount of $100,000 in 2020. Willow had an NOL carryover of $90,000 to 2020. How much tax will Willow Corp. pay in 2020, what is its NOL carryover to 2021, and what is its NOL carryover to 2021 under the following assumptions? a. $50,000 of the NOL was generated in 2016 and $40,000 of the NOL was generated in 2017.
Cedar Corporation reported a net operating loss in 2018 of $25,000,000. In 2019, Cedar reported taxable...
Cedar Corporation reported a net operating loss in 2018 of $25,000,000. In 2019, Cedar reported taxable income before any NOL carryovers of $20,000,000. What is Cedar’s taxable income in 2019 and any NOL carryover to 2020?
Cedar Corporation reported a net operating loss in 2018 of $25,000,000. In 2019, Cedar reported taxable...
Cedar Corporation reported a net operating loss in 2018 of $25,000,000. In 2019, Cedar reported taxable income before any NOL carryovers of $20,000,000. What is Cedar’s taxable income in 2019 and any NOL carryover to 2020?
Which of the following statements is true for a C corporation incurring a net operating loss...
Which of the following statements is true for a C corporation incurring a net operating loss (NOL) for a tax year that begins in 2019? It may carry the NOL back two years and forward 20 years. It may not carry the NOL back to prior years but it may carry it forward 20 years. It may not carry the NOL back to prior years but it can carry the loss forward indefinitely. It may carry the loss back two...
Becker CPA Review 7-4 Hunter has a loss of $50,000 from his landscaping business in the...
Becker CPA Review 7-4 Hunter has a loss of $50,000 from his landscaping business in the current year. He reports the loss on Schedule C of his Form 1040. After deducting the loss against his other sources of income, he has a remaining business loss of $10,000. What are Hunter’s options regarding the remaining $10,000 business loss? a.He can carry the loss back 4 years and forward 20 years. b.He can carry the loss back 2 years and forward 20...
Bronson Industries reported a deferred tax liability of $24.0 million for the year ended December 31,...
Bronson Industries reported a deferred tax liability of $24.0 million for the year ended December 31, 2017, related to a temporary difference of $60 million. The tax rate was 40%. The temporary difference is expected to reverse in 2019 at which time the deferred tax liability will become payable. There are no other temporary differences in 2017–2019. Assume a new tax law is enacted in 2018 that causes the tax rate to change from 40% to 30% beginning in 2019....
Bronson Industries reported a deferred tax liability of $10.4 million for the year ended December 31,...
Bronson Industries reported a deferred tax liability of $10.4 million for the year ended December 31, 2017, related to a temporary difference of $26 million. The tax rate was 40%. The temporary difference is expected to reverse in 2019 at which time the deferred tax liability will become payable. There are no other temporary differences in 2017–2019. Assume a new tax law is enacted in 2018 that causes the tax rate to change from 40% to 30% beginning in 2019....