For the year ended December 31, 2007, Taylor Corp. had a net operating loss of $200,000. Taxable income for the earlier years of corporate existence, computed without reference to the net operating loss, was as follows:
|
Taxable income |
|
|
2002 |
$ 5,000 |
|
2003 |
$10,000 |
|
2004 |
$20,000 |
|
2005 |
$30,000 |
|
2006 |
$40,000 |
If Taylor makes no special election to waive a net operating loss carryback period, what amount of net operating loss will be available to Taylor for the year ended December 31, 2008?
- $200,000
- $130,000
- $110,000
- $ 95,000