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Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses
Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020:
| Gross receipts from business | $144,000 |
| Business expenses | 180,000 |
| Net capital gain | 22,000 |
| Interest income | 3,000 |
| Itemized deductions (state taxes, residence interest, and contributions) | 24,000 |
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Determine Marios taxable income for 2020.
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Determine Marios NOL for 2020.
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Night Comes To The Cumberlands A Biography Of A Depressed Area
Authors: Harry M. Caudill
1st Edition
1334682070, 978-1334682070
