54. LO.7 Pete and Polly are married and file a joint return. They had the following income...
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54. LO.7 Pete and Polly are married and file a joint return. They had the following income and deductions for 2013:
Salary $50,000 Interest from savings account 5,000 Itemized deductions (no casualty or theft) 15,000 2012 NOL carried to 2013 60,000
a. What is Pete and Polly’s taxable income for 2013?
b. What is Pete and Polly’s NOL for 2013?
c. What is Pete and Polly’s NOL to be carried to 2014?
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Related Book For
South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts
ISBN: 9781285424484
37th Edition
Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
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