Assume that in addition to the information in Problem 49, Rick and Sara had $3,700 of taxable
Question:
a. Determine Rick and Saras recomputed taxable income for 2015.
b. Determine the amount of Rick and Saras 2017 NOL to be carried forward from 2015 to 2016.
Transcribed Image Text:
Salary Capital loss Adjusted gross income Less: Itemized deductions Charitable contributions of $20,000, limited to 50% of AGI Medical expenses of $2,700, limited to the amount in excess of 10% of AGI ($2,700 – $2,400) Total itemized deductions Exemptions (2 x $4,000) Taxable income $ 25,000 (1,000) $ 24,000 $12,000 300 (12,300) (8,000) $ 3,700
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Related Book For
South Western Federal Taxation Individual Income Taxes 2018
ISBN: 9781337385893
41st Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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