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please type the answer in computer dont write it by hand 1:8-57 Net Operating Loss Deduction. Assume the same facts as in Problem 1:8-55, except

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1:8-57 Net Operating Loss Deduction. Assume the same facts as in Problem 1:8-55, except that the interest on their personal residence is $15,300 and they also have a $4,500 deductible casualty loss on personal property (after limitations). a. What is Michelle and Mark's taxable income or loss for the year? b. What is Michelle and Mark's NOL for the year? 1:8-55 Net Operating Loss Deduction. Michelle and Mark are married and file a joint return. Michelle owns an unincorporated dental practice. Mark works part-time as a high school math teacher, and spends the remainder of his time caring for their daughter. During 2018, they report the following items: Mark's salary $18,000 Interest earned on savings account 1,200 Interest paid on personal residence 12,700 Itemized deductions for state and local taxes 9,400 Items relating to Michelle's dental practice Revenues 65,000 Payroll and salary expense 49,000 Supplies 17,000 Rent 16,400 Advertising 4,600 Depreciation 8,100 a. What is Michelle and Mark's taxable income or loss for the year? b. What is Michelle and Mark's NOL for the year

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