Harvey Nicastro has current year net employment income of $45,000. In addition, he has the following additional sources of income, gains, and losses: A loss from an unincorporated business of $23,000. Interest income of $4,500. A capital gain of $27,000. • A capital loss of $36,400. Spousal support paid of $24,000. • A net rental loss of $14,500. Determine Harvey's minimum Net Income For Tax Purposes for the current year and indicate the amount and type of any loss carry overs that are available at the end of the year. Show all of your calculations. please show supporting calculations

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter11: Investor Losses
Section: Chapter Questions
Problem 64P
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Harvey Nicastro has current year net
employment income of $45,000. In addition,
he has the following additional sources of
income, gains, and losses:
A loss from an unincorporated business of
$23,000.
• Interest income of $4,500.
• A capital gain of $27,000.
• A capital loss of $36,400.
• Spousal support paid of $24,000.
A net rental loss of $14,500.
Determine Harvey's minimum Net Income For
Tax Purposes for the current year and indicate
the amount and type of any loss carry overs
that are available at the end of the year. Show
all of your calculations. please show
supporting calculations
Transcribed Image Text:Harvey Nicastro has current year net employment income of $45,000. In addition, he has the following additional sources of income, gains, and losses: A loss from an unincorporated business of $23,000. • Interest income of $4,500. • A capital gain of $27,000. • A capital loss of $36,400. • Spousal support paid of $24,000. A net rental loss of $14,500. Determine Harvey's minimum Net Income For Tax Purposes for the current year and indicate the amount and type of any loss carry overs that are available at the end of the year. Show all of your calculations. please show supporting calculations
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