Pete and Polly are married and file a joint return. They had the following income and deductions
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Pete and Polly are married and file a joint return. They had the following income and deductions for 2016:
Salary.......................................................................$50,000
Interest from savings account.............................................5,000
Itemized deductions (no casualty or theft) ............................15,000
2015 NOL carried to 2016................................................60,000
a. What is Pete and Polly's taxable income for 2016?
b. What is Pete and Polly's NOL for 2016?
c. What is Pete and Polly's NOL to be carried to 2017?
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a Salary 50000 Interest income 5000 2015 NOL 60000 AGI 5000 Less Itemized deductions 15000 Personal ...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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