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Morty, married and filing jointly, reports the following items for 2020: $200,000 210,000 3,000 5,000 20,000 8,000 Sales Business expenses Interest income Dividends Salary (spouse)
Morty, married and filing jointly, reports the following items for 2020: $200,000 210,000 3,000 5,000 20,000 8,000 Sales Business expenses Interest income Dividends Salary (spouse) Alimony received (from prior marriage that ended in 2015) Nonbusiness long-term capital gains Nonbusiness short-term capital losses Business short-term capital losses Business long-term capital gains IRA contributions Charitable contributions Medical expenses Property taxes Federal disaster area personal casualty loss on personal property (after the $100 floor) Loss on stolen bonds 5,000 7,000 4,000 2,000 5,000 9,000 7,550 7,450 35,000 12.640 Morty has two dependent children. If Morty and his wife file a joint return, compute their net operating loss for 2020. Show all your work
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