Assume that in addition to the information in Problem 49, Rick and Sara had no taxable income
Question:
Assume that in addition to the information in Problem 49, Rick and Sara had no taxable income for 2011, 2012, 2013, and 2014 and $3,700 of taxable income for 2015 computed as follows:
a. Determine Rick and Sara's recomputed taxable income for 2015.
b. Determine the amount of Rick and Sara's 2016 NOL to be carried forward to 2017.
Transcribed Image Text:
Salary Capital loss Adjusted gross income Less: Itemized deductions Charitable contributions of $20,000, limited to 50% of AGI Medical expenses of $2,700, limited to the amount in excess of 10% of AGI ($2,700 – $2400) Total itemized deductions Exemptions (2 x $4,000) Taxable income $ 25,000 (1,000) $ 24,000 $12,000 300 (12,300) (8,000) $ 3,700
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a Salary 25000 Capital loss 1000 2016 net operating loss 75000 Adjusted gross income 51000 Less Item...View the full answer
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Related Book For
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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