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Problem 06-40 (Static) [LO 6-11] Margaret, a married taxpayer filing a joint return, engaged in two business activities this year. Business A earned $420,000
Problem 06-40 (Static) [LO 6-11] Margaret, a married taxpayer filing a joint return, engaged in two business activities this year. Business A earned $420,000 of profit. Business B incurred a loss of $(995,000). Required: How much of Margaret's net business loss is not currently deductible? Note: Negative amount should be entered with a minus sign. Margaret's excess business loss not currently deductible $ (5,000)
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