Michaela Fracknell had an employment income of $50,000 and an interest income of $12,000. In addition, she
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Michaela Fracknell had an employment income of $50,000 and an interest income of $12,000. In addition, she operates a business as a sole proprietor and realized a business loss of $23,000. As the result of dispositions of capital property, she realized taxable capital gains of $95,000 and allowable capital losses of $73,000. Her Subdivision e deductions for the year totaled $8,000. She also realized a loss of $5,000 on her rental property by the lake.
Required: Indicate the amount and type of any loss carryovers that would be available at the end of the current year or state that no carryovers are available.
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: