Mary, a single taxpayer with two dependent children, has the following items of income and expense during

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Mary, a single taxpayer with two dependent children, has the following items of income and expense during 2014:

Gross receipts from business ............ $144,000

Business expenses ................ 180,000

Alimony received ................. 22,000

Interest income .................. 3,000

Itemized deductions (no casualty or theft) ....... 24,000

a. Determine Mary’s taxable income for 2014.

b. Determine Mary’s NOL for 2014.

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South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781285438290

18th Edition

Authors: James Smith, William Raabe, David Maloney, James Young

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Question Posted: May 25, 2015 06:21 AM

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Mary, a single taxpayer with two dependent children, has the following items of income and expense during

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a Business receipts 144000 Less Business expenses 180000 Net business loss 36000 Alimony recei...View the full answer

South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities

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