Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is $40,000. Her
Question:
Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is
$40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,200 in 2019.
a. Calculate Julie’s taxable income or loss.
$
b. Calculate the business and nonbusiness portions of her taxable income or loss.
Business $
Nonbusiness $
c. Determine Julie’s 2019 NOL.
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Related Book For 
Income Tax Fundamentals Whittenburg Gill 2020
ISBN: 9780357107065
1st Edition
Authors: Whittenburg/Altus Buller/Gill
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