Wells Company has a calendar year reporting period. On January 1,2018, Wells Company's delivery truck, with a cost of $56,000 was destroyed by a fire. At the time of the fire, the balance in the Accumulated Depreciation account was $38,000.
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Lansing, Inc. incurred a net operating loss of $10,000,000 in 2018. Lansing, Inc. reports $10,000,000 of taxable income before any NOL carryover in 2019. Lansing, Inc. can offset all of its 2019 taxable income with the 2018 NOL carryover.
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