Pete and Polly are married and file a joint return. They had the following income and deductions
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Pete and Polly are married and file a joint return. They had the following income and deductions for 2017:
Salary ............................................................................. $50,000
Interest from savings account .................................... 5,000
Itemized deductions (no casualty or theft) ............... 15,000
2016 NOL carried to 2017 ........................................... 60,000
a. What is Pete and Polly’s taxable income for 2017?
b. What is Pete and Polly’s NOL for 2017?
c. What is Pete and Polly’s NOL to be carried forward to 2018?
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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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