Juan,married and filing jointly,had the following income and deductions for 2016:
Sales
$600,000
Business expenses
(650,000)
Interest income
3,000
Dividends
4,000
Personal casualty loss (after deducting the $100 floor)
(25,000)
Taxes paid on personal residence
(7,000)
Interest paid on personal residence
(9,000)
Alimony paid
(18,000)
Juan has three dependent children.Calculate the net operating loss for 2016.
Correct Answer:
Verified
$600,000
Business expense
(650,...
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