helene, corp. reports a net operating loss in year 1 of $20,000. in year 2, the company reports income of $10,000. what amount of year 2 income may be offset by the carryforward of the year 1 net operating loss? $0 $8,000 $10,000 $20,000

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06-12-2022
Business

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helene, corp. reports a net operating loss in year 1 of $20,000. in year 2, the company reports income of $10,000. what amount of year 2 income may be offset by the carryforward of the year 1 net operating loss? $0 $8,000 $10,000 $20,000

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sapanpandit sapanpandit · Answer 1 · 2022-12-13T12:01:38+01:00

$8,000 (80% limitation) amount of year 2 income may be offset by the carryforward of the year 1 net operating loss

When a business' running costs are higher than its gross income, it experiences an operating loss (or revenues in the case of a service-oriented company).

Operating profit is the profit a business makes before taxes and interest. In the same manner as cost of goods sold, selling, general, and administrative expenditures are, interest and taxes are not regarded as operating costs. In many cases, businesses make enough money to pay their costs and turn a profit.

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