Which statement is INCORRECT about net operating losses under the CARES Act? OGwen has a 2018 NOL caused by a casualty loss She may carry the loss back five years to her 2013 return, then forward indetinitely Sam has a 2019 NOL caused by a casualty loss If he carries the loss forward to his 2020 return, the 80% taxable income limitation will apply. O LIy has a 2018 NOL caused by a casualty loss. She may walve any carryback by altaching a statement to her timely-filed 2020 retum. O Ted has a 2019 NOL caused by a casualty loss He may carry back the NOL by fling Form 1040-X within three years of the due date (including exdensions) of his 2019 return

Which statement is INCORRECT about net operating losses under the CARES Act? OGwen has a 2018 NOL caused by a casualty loss She may carry the loss back five years to her 2013 return, then forward indetinitely Sam has a 2019 NOL caused by a casualty loss If he carries the loss forward to his 2020 return, the 80% taxable income limitation will apply. O LIy has a 2018 NOL caused by a casualty loss. She may walve any carryback by altaching a statement to her timely-filed 2020 retum. O Ted has a 2019 NOL caused by a casualty loss He may carry back the NOL by fling Form 1040-X within three years of the due date (including exdensions) of his 2019 return

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jerome 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?
Martha has a net capital loss of $17,000 and other ordinary taxable income of $45,000 for the current year. What is the amout of Marth's capital loss carryover?
Julia has invested her profits from the last several years with BF Dutton, Inc. and has provided the Forms 1099 INT and 1099DIV for 2022 for her investment income. She has no other income for 2022 and did not receive any Forms 1099 B. Julia's Taxable Income for 2022 is: $216, 736 $267,848 $270,442 $218, 811
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$20,750
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During the tax year, Monica incurred one personal casualty loss due to a federally declared disaster. The amount of the loss after reimbursements is $8,025. Monica will not be replacing any of the damaged property. Monica's adjusted gross income is $50,000. What is the amount of the casualty loss deduction to report on Schedule A (Form 1040)? $2,925 $3,025 $7,925 $8,025
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