True or false Lansing, Inc. incurred a net operating loss of $10,000,000 in 2019. Lansing, Inc. reports $10,000,000 of taxable income before any NOL carryover in 2020. Lansing, Inc. can offset all of its 2020 taxable income with the 2019 NOL carryover.

The answer is false

Explanantion:

Under section 172(a) of Tax cuts and Jobs Act (TCJA), for the losses arising in the tax years beginning on or after january 1, 2019, Net Operating Losses (NOL) deduction for a tax year is equal to the lesser of

a) Available NOL carryover

       (Or)

b) 80% of taxable Income

As per the question

NOL decution for the tax year 2019 equal to the lesser of

a) Available NOL carryover (from 2018) for the tax year 2019 = $10,000,000

    (Or)

b) 80% of the taxable Income = = $8,000,000

Therefore, NOL deduction for the tax year 2019 = $8,000,000

is this a

c.

explanation:

regressive tax taxes the poor and less of the wealthy. this the rich get richer and the poor get more poor. this would create a large wealth gap.