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Generally, the amount realized is everything of value received in a sale less selling expenses

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WCC Corp. has a $100,000 net operating loss carryover into 2020. Assume that it reported $75,000 of taxable income in 2020 (before the net operating loss deduction) and $30,000 of taxable income in 2021 (before the net operating loss deduction).a. What is WCC's taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $100,000 NOL carryover originated in 2016?b. What is WCC's taxable income in 2020 and 2021 (after the net operating loss deduction), assuming the $100,000 NOL carryover originated in 2019?c. Assuming the $100,000 NOL carryover originated in 2019, what is WCC's book-tax difference associated with the NOL in 2020 and in 2021 and identify the book tax difference for each year as permanent or temporary?

Ken, 19 years of age is a candidate for a bachelor's degree at a college hundreds of miles away from his parent's home. He receives a scholarship of $80,000 from his state of residence. He spends $60,000 for tuition, $6,000 for books, $10,000 for room and board and keeps $4,000 for living expenses while away at college.•How much is taxable to Ken in the current year?A.$14,000B.$4,000C.$10,000D.$20,000

Winchester LLC sold the following business assets during the current year: (1) automobile, $30,000 cost basis, $12,000 depreciation, $20,000 proceeds; (2) machinery, $25,000 cost basis, $20,000 depreciation, $10,000 proceeds; (3) furniture, $15,000 cost basis, $10,000 depreciation, $4,000 proceeds; (4) computer equipment, $25,000 cost basis, $6,000 depreciation, $10,000 proceeds; (5) Winchester had unrecaptured §1231 losses of $3,000 in the prior five years. What are the amount and character of Winchester's gains and losses before the §1231 netting process? Assume all assets were held for more than one year.

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