Question: Net Operating Loss Deduction. Assume the same facts as in Problem I: 9 - 5 5 , except in addition to the other itemized deductions

Net Operating Loss Deduction. Assume the same facts as in Problem I:9-55, except in
addition to the other itemized deductions Michelle and Mark suffer an $8,500 deductible
personal casualty loss (after limitations).
a. What is Michelle and Marks taxable income or loss for the year?
b. What is Michelle and Marks NOL for the year?

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