Michelle and Mark are married and file a joint return. Michelle owns an unincorporated dental practice. Mark
Question:
Michelle and Mark are married and file a joint return. Michelle owns an unincorporated dental practice. Mark works part-time as a high school math teacher, and spends the remainder of his time caring for their daughter. During 2018, they report the following items:
Mark's salary | $18,000 |
Interest earned on savings account | 1,200 |
Interest paid on personal residence | 12,700 |
Itemized deductions for state and local taxes | 9,400 |
Items relating to Michelle's dental practice | |
Revenues | 65,000 |
Payroll and salary expense | 49,000 |
Supplies | 17,000 |
Rent | 16,400 |
Advertising | 4,600 |
Depreciation | 8,100 |
a. What is Michelle and Mark's taxable income or loss for the year?
b. What is Michelle and Mark's NOL for the year?
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a Michelle and Marks taxable income is a loss of 34900 computed as follow...View the full answer
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Related Book For 
Federal Taxation 2019 Individuals
ISBN: 9780134739670
32nd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson
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