During $2023,$ John Colburn, a single individual, reports the following taxable income:

Gross income from business $$200,150$

Less: Business expenses $240,000($$$39,850)$

Plus: Interest income $1,000$

Dividend income $2,000$

AGI $($$$36,850)$

Less: Greater of itemized deductions or standard deduction

Casualty loss from a federally declared disaster area $$2,000$

Taxes $6,000$

Interest expense $6,000$

Total itemized deductions $$14,000$

or

Standard deduction $$13,850$ $ $14,000$

Taxable income $($$$50,850)$

Compute John Colburn's net operating loss for $2023.$

Answer rating: 100% (QA)

To compute John Colburns net operating loss NOL for 2023 we need to first determine his taxable inco... View the full answer