79. A taxpayer owns a business that generated a $7,000 loss. She sold some of the land she uses for the business at a $3,000. gain, and some business equip- ment at a loss of $1,000. She also earned $1,750 from her part-time job. She earned $450 in interest on her personal savings account. She files as single and claims the standard deduction. Her standard deduction is $12,550. Her net operating loss (NOL) is
79. A taxpayer owns a business that generated a $7,000 loss. She sold some of the land she uses for the business at a $3,000. gain, and some business equip- ment at a loss of $1,000. She also earned $1,750 from her part-time job. She earned $450 in interest on her personal savings account. She files as single and claims the standard deduction. Her standard deduction is $12,550. Her net operating loss (NOL) is
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 25MCQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT