Becky, a single individual, reports the following taxable items in 2018:Gross income from business$ 93,000 Minus: Business expenses( 105,000)($ 12,000)Interest income 1,500 AGI($ 10,500)Itemized deductions:Interest expense$ 6,100State income and local property taxes5,900Casualty-federal disaster 3,000Total itemized deductions( 15,000)Taxable income($25,500)What is Becky's NOL for the year?
What will be an ideal response?
| Taxable income | ($25,500) |
| Itemized deductions | $ 15,000 |
| Minus: Casualty loss | ( 3,000) |
| $ 12,000 |
| Interest income | (1,500) |
| over nonbusiness income | 10,500 |
| Net operating loss | ($15,000) |
Business
You might also like to view...
How can labor-management relations be made more cooperative?
What will be an ideal response?
Business
In a short essay, list the ten steps to designing the ideal questionnaire
What will be an ideal response?
Business
Trade accounts payable (or accounts payable) are amounts owed to suppliers for products or services purchased on credit.
Answer the following statement true (T) or false (F)
Business
Les contracts to the sell and deliver to Chan 300 rolls of insulation. Unless the parties agree otherwise, Les must tender all 300 rolls in a single delivery, and Chan's payment is due at the time of the tender
a. True b. False Indicate whether the statement is true or false
Business