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Mandarini Mandarini
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7 years ago
Mako and Snufco Corporations are affiliated and have filed consolidated returns for the past three years. Mako acquired 100% of Zebco stock on January 1 of last year, the date of Zebco's formation. Mako, Snufco, and Zebco, who have filed consolidated returns for last year and the current year, report the following taxable incomes.

Corporation   Taxable Income
Last year   Taxable Income
Current year
Mako
Snufco
Zebco
CTI   $18,000
    9,000
  (25,000)
 $ 2,000   $ 12,000
    8,000
  (35,000)
($15,000)

The $15,000 consolidated NOL reported in the current year
A) cannot be carried back.
B) can be carried back three years ago only.
C) can be carried back to last year and the remainder, if any, carried forward to subsequent years.
D) can only be used in future years.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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strwbrrystrwbrry
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#1
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7 years ago
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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Mandarini Author
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7 years ago
Good timing, thanks!
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this is exactly what I needed
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Just got PERFECT on my quiz
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