Question details

For the year ended December 31, Year 6, Taylor Corp. had a net operating loss of $200,000
$ 15.00

4. For the year ended December 31, Year 6, Taylor Corp. had a net operating loss of $200,000. Taxable income for the earlier years of corporate existence, computed without reference to the net operating loss, was as follows.

 

Taxable Income:

Year 1 $5,000

Year 2 10,000

Year 3 20,000

Year 4 30,000

Year 5 50,000

What amount of net operating loss will be available to Taylor for the year ended December 31, Year 7?

6.

A review of Bradley’s Year 2 records disclosed the following tax information.

Wages

$20,000

Taxable interest and qualifying dividends

4,000

Schedule C trucking business net income

32,000

Rental (loss) from residential property

(35,000)

Limited partnership (loss)

(5,000)

 

Bradley actively participated in the rental property and was a limited partner in the partnership. Bradley had sufficient amounts at risk for the rental property and the partnership. What is Bradley’s Year 2 adjusted gross income?

Amos, a single individual with a salary of $50,000, incurred and paid the following expenses during the year.

Medical expenses: $5,000

Alimony: $14,000

Casualty loss (after $100 floor): $1,000

State income taxes: $4,000

Moving expenses: $1,500

Contribution to a traditional IRA: $2,000

Student loan interest: $1,200

Analyze the above expenses and determine which ones are deductible for AGI. Please support your position.

From Business, General Business Due on: 18 Dec, 2016 12:05:39 Asked on: 18 Dec, 2016 12:05:39
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