Bingo Corporation Incurred a $10 Million Net Operating Loss in 2020

question 77

True/False

Bingo Corporation incurred a $10 million net operating loss in 2020. Bingo reported taxable income of $12 million in 2021. Bingo can offset the entire $10 million NOL carryover against taxable income in 2021.

---

Definitions:

Educational Website

A website designed to provide educational content, tools, and resources for learning.

Device Drivers

Software components that enable the operating system and applications to interact with hardware peripherals, such as keyboards, mice, and printers.

Operating System

A program that handles the management of both hardware and software assets of a computer, and delivers general services to various computer applications.

Restore

The action of returning a system or data to a previous state or condition, often from a backup.