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Research Problem A single taxpayer, reported the following information on his 2016 Form 1040: Salary from part-time job $ 16,600 Interest on savings account 400
Research Problem
A single taxpayer, reported the following information on his 2016 Form 1040:
Salary from part-time job | $ 16,600 |
Interest on savings account | 400 |
Net loss from sole proprietorship | (22,100) |
Alimony received | 3,600 |
AGI | $(1,500) |
Standard deduction | (6,300) |
Exemption | (4,050) |
Taxable income | $(11,850) |
Does Bill have a net operating loss (NOL) that he can carry back or forward as a deduction in another taxable year?
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