Emily, who is single, sustains an NOL of $7,800 in 2017. The loss is carried back to

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Emily, who is single, sustains an NOL of $7,800 in 2017. The loss is carried back to 2015. For 2015, Emily€™s income tax information was as follows:

Adjusted gross income Itemized deductions: Medical [$4,855 – (10% × $38,200)] Taxes Interest expense on home mortgage

As a result of the carryback, what is Emily€™s recomputed adjusted gross income and her recomputed taxable income?

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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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Question Posted: May 24, 2018 03:12 AM

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Emily, who is single, sustains an NOL of $7,800 in 2017. The loss is carried back to

Question:

Adjusted gross income Itemized deductions: Medical [$4,855 – (10% × $38,200)] Taxes Interest expense on home mortgage Personal exemption Taxable income $ 38,200 $ 1,035 6,100 (18,135) 11,000 (4,000) $ 16,065

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When an NOL is carried back to a nonloss year the taxable income and income tax for the carr...View the full answer

South Western Federal Taxation Individual Income Taxes 2018

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