Dorsett Corporation's income tax return for Year 8 shows deductions exceeding gross income by $56,800. Included in the tax return are the following items: Net operating loss deduction (carryover from Year 7) $15,000 Dividends received deduction 6,800 What is Dorsett's net operating loss for Year 8

Dorsett's net operating loss for Year 8 is $41,800.

Explanation:

From the question, we have:

Amount by which deductions exceeding gross income = $56,800

Net operating loss deduction (carryover from Year 7) = $15,000

Dividends received deduction = $6,800

In order to calculate Dorsett's net operating loss for Year 8, the dividends received deduction of $6,800 has to be fully allowed but the net operating loss deduction (carryover from Year 7) of $15,000 wouldn't be not allowed.

Therefore, we have:

Dorsett's net operating loss for Year 8 = Amount by which deductions exceeding gross income - Net operating loss deduction (carryover from Year 7) = $56,800 - $15,000 = $41,800

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