In its first vear Tapka gener ted 84 fnet


Sir please help me urgently please
Accounting
In its first year, Tanka. generated $84,000 of net
operating loss, and made a $5,700 cash
donation to a local charity. In its second year,
Tanka generated a $244,000 profit, and made a
$10,700 donation to the same charity.
$244,000 Income from operations
($84,000) Less: Net Operating carry forward
$160,000 Taxable income before charitable
deduction
($16,000) Less: Charitable contributions @ 10%
= $144,000 Taxable Income
What amount of NOL was utilized? If there was
a limit how much is it and if there was a carry
forward NOL how much is it?
expand button
Transcribed Image Text:Accounting
In its first year, Tanka. generated $84,000 of net
operating loss, and made a $5,700 cash
donation to a local charity. In its second year,
Tanka generated a $244,000 profit, and made a
$10,700 donation to the same charity.
$244,000 Income from operations
($84,000) Less: Net Operating carry forward
$160,000 Taxable income before charitable
deduction
($16,000) Less: Charitable contributions @ 10%
= $144,000 Taxable Income
What amount of NOL was utilized? If there was
a limit how much is it and if there was a carry
forward NOL how much is it?
In its first vear Tapka gener ted 84 fnet


Sir please help me urgently please
Accounting
In its first year, Tanka. generated $84,000 of net
operating loss, and made a $5,700 cash
donation to a local charity. In its second year,
Tanka generated a $244,000 profit, and made a
$10,700 donation to the same charity.
$244,000 Income from operations
($84,000) Less: Net Operating carry forward
$160,000 Taxable income before charitable
deduction
($16,000) Less: Charitable contributions @ 10%
= $144,000 Taxable Income
What amount of NOL was utilized? If there was
a limit how much is it and if there was a carry
forward NOL how much is it?
expand button
Transcribed Image Text:Accounting
In its first year, Tanka. generated $84,000 of net
operating loss, and made a $5,700 cash
donation to a local charity. In its second year,
Tanka generated a $244,000 profit, and made a
$10,700 donation to the same charity.
$244,000 Income from operations
($84,000) Less: Net Operating carry forward
$160,000 Taxable income before charitable
deduction
($16,000) Less: Charitable contributions @ 10%
= $144,000 Taxable Income
What amount of NOL was utilized? If there was
a limit how much is it and if there was a carry
forward NOL how much is it?

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