e following 's salary est earned c st paid on
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:high school
Net Operating Loss Deduction. Michelle and Mark are married and file a joint return.
math teacher, and spends the remainder of his time caring for their daughter. During
bad debt deduction for
Michelle owns an unincorporated dental practice. Mark works part-time as a
$18,000
1,200
12,700
9,400
2018, they report the following items:
Mark's salary
Interest earned on savings account
Interest paid on personal residence
Itemized deductions for state and local taxes
Items relating to Michelle's dental practice
Revenues
65,000
49,000
17,000
16,400
4,600
8,100
Payroll and salary expense
Supplies
Rent
Advertising
Depreciation
What is Michelle and Mark's taxable income or loss for the year?
What is Michelle and Mark's NOL for the year?
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