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Business, 16.10.2020 07:01 ceceshelby1130

The Graves Corporation was incorporated in 2018 and incurred a net op-erating loss of $35,000. The company’s operating income in 2019 was $47,000. Because of a downturn in the local economy, the company suffers a net operating loss of $21,000 in 2020. What is the treatment of the 2020 loss? How would your answer change if Graves were an S corporation?

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The Graves Corporation was incorporated in 2018 and incurred a net op-erating loss of $35,000. The c...
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