Question: I N e _ / / / / / / / / / / / / / / Exercise 7-24 (Algorithmic) (LO. 4) Determine the

I N e _ / / / / / / / / / / / / / / Exercise 7-24 (Algorithmic) (LO. 4) Determine the treatment of a loss on rental property under the following facts: Basis $773,600 FMV before the loss 928,320 FMV after the loss 232,080 The amount of the loss is $:] which is a deduction for AGI v . Exercise 7-30 (Algorithmic) (LO. 7) Emily, who is single, sustains an NOL of $10,080 in 2024. The loss is carried forward to 2025. For 2025, Emily's income tax information before taking into account the 2024 NOL is as follows: Adjusted gross income $50,400 Itemized deductions*: Medical [$6,048 - (7.5% x $50,400)] $2,268 Taxes 7,560 Interest expense on home mortgage 15,120 (24,948) Taxable income $25,452 *The 2024 single standard deduction is $14,600; Emily's itemized deductions will exceed the 2025 single standard deduction (after adjustment for inflation). How much of the NOL carryforward can Emily use in 2025, and what is her adjusted gross income and her taxable income? Emily may use 10,080 | of the NOL, resulting in adjusted gross income of $ and taxable income f ]

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