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In 2020, BYC Corporation (A C Corporation)had an NOL Carryover

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Essay

In 2020, BYC Corporation (a C corporation)had an NOL carryover from 2017 in the amount of $40,000. How much tax will BYC pay in 2020 if it reports taxable income from operations of $35,000 in 2020 before the NOL deduction?


Definitions:

Hardware

The visible parts of a computer system (keyboard, disk drive, monitor, and printers).

Software

Computer programs necessary for directing the computer hardware to perform specific functions; refers to the application programs containing instructions to the computer that enable it to perform tasks. A computer, by itself, cannot do anything without software for accessing and inputting data.

CPU

The Central Processing Unit, also known as the CPU, is the main element of a computer responsible for executing the majority of computations within the system.

Hardware

The physical components of a computer system, including the processor, memory devices, and peripherals.

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