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In 2020, Aspen Corporation Reported $120,000 of Taxable Income Before

Question 56

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In 2020, Aspen Corporation reported $120,000 of taxable income before the net operating loss (NOL)deduction. It had an NOL carryover of $60,000 from 2018 and an NOL carryover from 2019 of $40,000. How much tax will Aspen Corporation pay on its 2020 tax return?

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