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Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute grade school teacher. Determine the amount of Clem's
Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances: Note: Leave no answer blank. Enter zero if applicable. roblem 6-27 Part-c (Algo) Clem paid self-employment tax of $22,300 (the employer portion is $11,150 ), and Wanda had $4,900 of Social Security taxes thheld from her pay. Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances: Note: Leave no answer blank. Enter zero if applicable. oblem 6-27 Part-d (Algo) Clem paid $76 to rent a safety deposit box to store his coin collection. Clem has collected coins intermittently since he was a child d he expects to sell his collection when he retires. Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances: Note: Leave no answer blank. Enter zero if applicable. roblem 6-27 Part-b (Algo) . Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,300 utilities and $995 in depreciation. Don Juan, a single taxpayer, is the sole owner of DJ's Incorporated, an S Corporation. In 2022, DJ's Incorporated incurred a massive $600,000 business loss, all of which is allocable to Don Juan as the sole shareholder. Assume that the $600,000 loss is not limited by the basis, at-risk, or passive loss rules, and that Don Juan has no other business income or business losses. How much of the $600,000 loss will Don Juan be able to deduct this year? What happens to any loss not deducted this year
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