During 2016, Ron and his wife, Sue, had the following items of income and expense to report:
Question:
During 2016, Ron and his wife, Sue, had the following items of income and expense to report:
Farming income.............................................................................$300,000
Farming expenses............................................................................350,000
Interest income.................................................................................30,000
Taxes............................................................................................15,000
Casualty loss (after $100 reduction and 10%-of-AGI reduction) .....................20,000
a. Determine Ron and Sue's taxable income for 2016.
b. Determine Ron and Sue's NOL for 2016.
c. Determine Ron and Sue's farming loss for 2016.
d. To what years can Ron and Sue's NOL be carried?
Step by Step Answer:
a Farming income 300000 Less Farming expenses 350000 Net farming loss 50000 Interest income 30000 Ad...View the full answer
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
