. How much is Roberts NOL deduction for 2019
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Roberto incurred a 60000. nonfarm net operating loss (NOL)in 2018. Before deducting the nol carryforward, his 2019 agi is 45000. and his taxable income is 21000. How much is Roberts NOL deduction for 2019.
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- Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.) c. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the yearJerome and Shanna sold a piece of property for $300,000, claiming that their basis was $150,000 and report a taxable gain of $150,000. Their 2019 return filed in February 2020 reported gross income of $250,000. Jerome and Shanna later determine that the property’s basis was actually $50,000, not $150,000, resulting in a $100,000 under-statement of income on the 2019 return. The statute of limitations period in which the IRS may assess additional tax in this situation expires on April 15 of what year?Whitney recurved $77,099 of taxable income in 2022. - she files as head of household. What is the income tax liability?
- Shun Li sold a capital property on July 31, 2019 for $400,000. She received $100,000 at the time of sale with the balance of $300,000 payable on July 31, 2021. The adjusted cost base of the property was $160,000. The minimum taxable capital gain that Shun Li can report in the 2019 taxation year is: $30,000. $60,000. $120,000. $180,000.Jacinto sold a plot of land to Eva on July 31,2021 for $25000, and Jacinto basis in the property was 15000. Eva made one payment of $5000 during 2021 and agree to pay additional $5000 each year, plus interest for the next 4 years. Using the installment method what is Jacinto taxable gain for 2021McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $346,600 in 2023. The taxable income of the business for the year is $97,900 before consideration of any § 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's § 179 expense deduction for 2023 and any carryover to 2024. § 179 expense deduction for 2023: $ § 179 carryover to 2024: b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using § 179 expensing? Hint: See Concept Summary 8.3. Additional first-year depreciation for 2023: $ MACRS cost recovery for 2023: $ Total cost recovery for 2023: $
- n 2018, Catherine had a negative AGI of $20,500 and used a $12,000 standard deduction. Her total nonbusiness income reported on her 2018 Form 1040 is $2,500. Her 2018 adjustments and deductions include: standard deduction of $12,000, educator expense of $250, and $4,500 alimony paid. Compute Catherine's 2018 NOL. a$18,500 b$20,250 c$20,500 d$20,750Subject:On September 14, 2021, Jay purchased a passenger automobile that is used 75 percent in his business. The automobile has a basis for depreciation purposes of $45,000, and Jay uses the accelerated method under MACRS. Jay does not elect to expense under section 179. Calculate Jay's depreciation deduction for 2021 assuming bonus depreciation.
- Arturo, a calendar year taxpayer, paid $20,300 in medical expenses and sustained a $24,360 casualty loss in 2018 (the loss occurred in a Federally declared disaster area). He expects $14,210 of the medical expenses and $17,052 of the casualty loss to be reimbursed by insurance companies in 2019. How much can Arturo include in determining his itemized deductions for 2018? Disregard %-of-AGI limitations or casualty loss floor in determining your answers. Before considering any limitations (or reductions) on deductions, Arturo can include $____ of the medical expenses and$ ____of the casualty loss when determining his itemized deductions in 2018.At the beginning of 2016, the following information related to James Murphy: Year 2014- Taxable Income = $55000. Amount withheld = $53000 Year 2015- Taxable Income = $59000. Amount withheld = $54000 Year 2016- Taxable amount = $66000. Amount withheld = $ 60000 Is James required to make instalment payments during 2016? If the answer is yes, what amounts will he be paying and which alternative is the best. Include the due dates for the instalment.