LO.7 Mary, a single taxpayer with two dependent children, has the following items of income and expense
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LO.7 Mary, a single taxpayer with two dependent children, has the following items of income and expense during 2012:
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 2012.
b. Determine Mary’s NOL for 2012.
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Related Book For
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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