In 2018, John is single and is the owner of a proprietorship with $650,000 of gross income
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In 2018, John is single and is the owner of a proprietorship with $650,000 of gross income and $970,000 of deductions, resulting in a $320,000 loss for the year. How much of this loss can John deduct in 2018 and what does he do with the excess loss?
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250000 deducted in 2018 and the 70000 excess ca...View the full answer
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Related Book For
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
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