. Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her primary endeavor was her new small business that unfortunately generated an ordinary tax loss of $18,000. She had a net long-term capital gain of $2,000 on some investments. Silja takes the standard deduction in 2023. Compute Silja’s NOL carryforward (if any) into 2024. $fill in the blank 1 2. Using the NOL carryforward from part 1, if Silja has taxable income of $12,000 in 2024, how much NOL will she carryforward to 2025?

. Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her primary endeavor was her new small business that unfortunately generated an ordinary tax loss of $18,000. She had a net long-term capital gain of $2,000 on some investments. Silja takes the standard deduction in 2023. Compute Silja’s NOL carryforward (if any) into 2024. $fill in the blank 1 2. Using the NOL carryforward from part 1, if Silja has taxable income of $12,000 in 2024, how much NOL will she carryforward to 2025?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 25MCQ

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In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________
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