Emily, who is single, sustains an NOL of $7,800 in 2017. The loss is carried back to
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Question:
Emily, who is single, sustains an NOL of $7,800 in 2017. The loss is carried back to 2015. The personal exemption amount for 2015 was $4,000. For 2015, Emily's income tax information was as follows:
Adjusted gross income$38,200
Itemized deductions:
Medical [$4,855 - (10% x $38,200)]$1,035Taxes
6,100 Interest expense on home mortgage
11,000
(18,135)
Personal exemption
(4,000)
Taxable income$16,065
As a result of the carryback, Emily's recomputed adjusted gross income is $ and her recomputed taxable income is
$
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