Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is $40,000. Her

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Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,200 in 2019.

a. Calculate Julie’s taxable income or loss.

b. Calculate the business and nonbusiness portions of her taxable income or loss.

c. Determine Julie’s 2019 NOL.

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Income Tax Fundamentals 2020

ISBN: 9780357108239

38th Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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Question Posted: Aug 24, 2020 08:58 AM

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Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is $40,000. Her

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Income Tax Fundamentals 2020

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