Emily, who is single, sustains an NOL of $7,800 in 2017. The loss is carried back to
Question:
As a result of the carryback, what is Emilys recomputed adjusted gross income and her recomputed taxable income?
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Adjusted gross income Itemized deductions: Medical [$4,855 – (10% × $38,200)] Taxes Interest expense on home mortgage Personal exemption Taxable income $ 38,200 $ 1,035 6,100 (18,135) 11,000 (4,000) $ 16,065
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When an NOL is carried back to a nonloss year the taxable income and income tax for the carr...View the full answer
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Related Book For
South Western Federal Taxation Individual Income Taxes 2018
ISBN: 9781337385893
41st Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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