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please help due soon Xinran, who is married and files a joint return, owns a grocery store, In 2022 , his gross sales were $276,000
please help due soon
Xinran, who is married and files a joint return, owns a grocery store, In 2022 , his gross sales were $276,000 and his operating expenses were $320,000. Other items on his 2022 return were as follows: In 2023, Xinran provides the following information: - The 2022 married filing jointly standard deduction is $25,900; Xinran's itemized deductions will exceed the 2023 standard deduction (after adjustment for inflation). Enter all amounts as positive numbers. However, use the minus sign to indicate a loss. If an amount is zero, enter " 0 ". Enter all amounts as positive numbers. However, use the minus sign to indicate a loss. If an amount is zero, enter " 0 ". a. Compute Xinran's taxable income (or loss) for 2022? b. Compute Xinran's NOL for 2022 . c. Determine Xinran's taxable income for 2023. 2023 (1) Determine taxable income before application of the NOL: Net business income Salary Interest income Adjusted gross income Less: Itemized deductions: Less: Deduction for qualified business income: Grocery store Taxable income (2) Determine the NOL deduction: 1. The NOL carryforward $ , or 2. 80% of taxable income computed in step 1: : (3) Determine final taxable income: Net business income Salary Interest income NOL deduction Adjusted gross income Less: Itemized deductions Charitable contributions Medical expenses Less: Deduction for qualified business income: Grocery store Taxable income Step by Step Solution
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