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Net Operating Losses) Mary, a single taxpayer with two dependent children, has the followi

Net Operating Losses) Mary, a single taxpayer with two dependent children, has the followi

Net Operating Losses) Mary, a single taxpayer with two dependent children, has the following items of income and expense during 2015: Gross receipts from business $144,000 Business expenses 180,000 Alimony received 22,000 Interest income 3,000 Itemized deductions (no casualty or theft) 24,000 [Additional Information: standard deduction =$6,300, exemptions = $12,150] a. Determine Mary's taxable income for 2015. b. Determine Mary's NOL for 2015.

 
Abhinav 05-Dec-2019

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