Mary, a single taxpayer with two dependent children, has the following items of income and expense during
Question:
Mary, a single taxpayer with two dependent children, has the following items of income and expense during 2017:
Gross receipts from business ....................................... $144,000
Business expenses ..................................................... 180,000
Alimony received ....................................................... 22,000
Interest income ........................................................... 3,000
Itemized deductions (no casualty or theft) .......................... 24,000
a. Determine Mary's taxable income for 2017.
b. Determine Mary's NOL for 2017?
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a Business receipts 144000 Less Business expenses 180000 Net bus...View the full answer
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Teaching was always an area where I can pursue my passion. I used to teach my friends and junior during my school and college life. After completing my professional qualification (chartered accountancy) and before joining my job, I also joined an organization for teaching and guidance to my juniors. I had also written some articles during my internship which later got published. apart from that, I have also given some presentations on certain amendments/complex issues in various forms.
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Related Book For 
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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