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Dennis_Churaev [7]
3 years ago
6

Which of the following statements regarding net operating losses generated in 2020 is true? A) A corporation can carry NOLs back

two years and forward indefinitely. B) When a corporation applies a net operating loss carryover, it reports a favorable, permanent book–tax difference in the amount of the applied carryover. C) Corporations can carry NOLs back two years and forward up to 20 years. D) A corporation can carry over the NOL indefinitely. E) None of these is a true statement.
Business
2 answers:
Butoxors [25]3 years ago
6 0

Answer:

D) A corporation can carry over the NOL indefinitely.

Explanation:

A net operating loss (NOL) can said to exists in a situation where a company's or organization deductions exceed their taxable income and A NET OPERATING LOSS can as well help benefit a company by trying to reduce their taxable income in the future which is why NOLs may now be carried forward indefinitely until such loss is fully recovered, Although they are said to be limited to only 80% of that taxable income in any one tax period which is why these NOLs can be carried forward indefinitely instead of them been limited to only 20 years.

kirill115 [55]3 years ago
4 0

Answer:

A corporation can carry over the NOL indefinitely

Explanation:

A net operating loss occurs when a companies tax payment exceeds its taxable income. Companies make this excess payment to offset future tax liabilities.

For example farms can generate much profit this year, but next year when they are offseason profits will be low. A NOL can be used to settle next year's tax liability.

After 2018 corporations can now carry forward NOL indefinitely as far as the NOL is not greater than 80% of previous year's income.

Before 2018 Corporations can carry NOLs back two years and forward up to 20 years.

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A marine biologist is planning to move from Sydney, Australia to San Francisco. She has $5,000 Australian dollars (AUD) to make
natita [175]

Answer:

Now, if takes 0.765 USD to be equal 1 AUD. when the dollar increases, it will take fewer dollars to equal 1 AUD. for instance, it takes 0.5 dollars per 1 AUD. The conversion will change to:5,000 AUD * (0.5 USD/AUD)

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Explanation:

Solution

Given that:

Her present  $5,000 AUD is worth $3,825 USD.

Then

5,000 AUD * (0.765 USD/AUD)

5,000 * 0.765

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If the USD dollar increases against the AUD, then, the ratio will reduce.

For example, it takes 0.765 USD to be equal 1 AUD. when the dollar increases, it will take fewer dollars to equal 1 AUD. for instance, it takes 0.5 dollars per 1 AUD. The conversion will change to:

5,000 AUD * (0.5 USD/AUD)

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On March 3, Cobra Inc. purchased a desk for $330 on account. On March 22, Cobra purchased another desk for $460 also on account,
Olin [163]

Answer:

Cobra Inc.

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Payment on March 24 =   ($460)

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b) The amount that Cobra Inc. should report as Accounts Payable at the end of March is $330.  However, in reporting for the desks, it should report $790 in assets.  This amount represents the value of desks that the company is possessing, which is financed by company cash and creditors.

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3 years ago
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