38494594
Description
Mind Map by Lucille Lamberson, updated more than 1 year ago
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Created by Lucille Lamberson
over 1 year ago
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Chapter 16: Corporate Operations
- Unfavorable book-tax difference
- Requires an add-back to book income to compute taxable income
- Requires an add-back to book income to compute taxable income
- Favorable book-tax difference
- Requires corporations to subtract the difference from book income in
computing taxable income
- Requires corporations to subtract the difference from book income in
computing taxable income
- Net operating loss (NOL) carryover
- Occurs when a NOL is carried forward to a future year
- Occurs when a NOL is carried forward to a future year
- Net operating loss (NOL)
- The excess of deductions over gross income
- The excess of deductions over gross income
- Net operating loss (NOL) carryback
- Occurs when a NOL is carried back to a prior year
- Occurs when a NOL is carried back to a prior year
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