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Sheena Maskell Sheena Maskell
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Posts: 1902
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7 years ago
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.

5 years ago   $20,000
4 years ago   ($35,000)
3 years ago   $10,000
2 years ago   $25,000
last year   ($35,000)

What amount of taxable income (loss) should Madison report on its current tax return?
A) $45,000
B) $65,000
C) $70,000
D) $80,000
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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MsLippyMsLippy
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7 years ago
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Sheena M. Author
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#2
7 years ago
Thank you so much
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