In 2019, John is single and is the owner of a proprietorship with $650,000 of gross income
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In 2019, John is single and is the owner of a proprietorship with $650,000 of gross income and $975,000 of deductions, resulting in a $325,000 loss for the year. How much of this loss can John deduct in 2019 and what does he do with the excess loss?
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In 2019 John can deduct a portion of his loss against his other income subject to certain limitation...View the full answer
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Related Book For
Taxation For Decision Makers 2020
ISBN: 9781119562108
10th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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