Solved

Becky, a Single Individual, Reports the Following Taxable Items in 2016

Question 113

Essay

Becky, a single individual, reports the following taxable items in 2016:
 Gross income from business $93,000 Mintus: Business expenses (105,000)($12,000) Interest income 1,500 A G I ($10,500)\begin{array}{llr} \text { Gross income from business } &\$93,000\\ \text { Mintus: Business expenses } & \underline{(105,000)}\\&(\$12,000)\\ \text { Interest income } & \underline{1,500}\\ \text { A G I } &(\$10,500)\end{array}
Itemized deductions:
 Interest expense $3,100 State Income Taxes 1,900 Casualty 3,000Total itemized deductions (8,000) Minus: Personal exemption (4,050) Taxable income($22,550)\begin{array}{ll}\text { Interest expense } & \$ 3,100 \\\text { State Income Taxes } & 1,900 \\\text { Casualty } & \underline{3,000} \\ \text {Total itemized deductions } &&(8,000)\\ \text { Minus: Personal exemption } && \underline{(4,050)}\\ \text { Taxable income} && \underline{(\$22,550)}\end{array}
What is Becky's NOL for the year?

Correct Answer:

verifed

Verified

Taxable income blured image blured image blured image blured image blured imageblured image
Plus: Nonbusiness d...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents