16.On 12/31/2019, Meet People, LLC, reported a $64,000 loss on its books. The items included in the loss computation were $20,000 in sales revenue, $12,000 in qualified dividends, $14,000 in cost of goods sold, $35,000 in charitable contributions, $33,000 in employee wages, and $14,000 of rent expense. How much ordinary business income (loss) will Meet People report on its 2019 return?
16.On 12/31/2019, Meet People, LLC, reported a $64,000 loss on its books. The items included in the loss computation were $20,000 in sales revenue, $12,000 in qualified dividends, $14,000 in cost of goods sold, $35,000 in charitable contributions, $33,000 in employee wages, and $14,000 of rent expense. How much ordinary business income (loss) will Meet People report on its 2019 return?
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 17P
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16.On 12/31/2019, Meet People, LLC, reported a $64,000 loss on its books. The items included in the loss computation were $20,000 in sales revenue, $12,000 in qualified dividends, $14,000 in cost of goods sold, $35,000 in charitable contributions, $33,000 in employee wages, and $14,000 of rent expense. How much ordinary business income (loss) will Meet People report on its 2019 return? Show computation.
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