Question
Cindy had the following income and deductions listed on her 2020 individual income tax return. Business income $37,000 Interest income on personal investments $5,000
Cindy had the following income and deductions listed on her 2020 individual income tax return. Business income $37,000 Interest income on personal investments $5,000 Less Business expenses $40,000 Less Nonbusiness deductions $7,000 Loss shown on tax return ($5,000) Compute the amount of Cindy's 2020 net operating loss. Show all of your work.
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Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
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