1. Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her primary endeavor was her new small business that unfortunately generated an ordinary tax loss of $18,000. She had a net long-term capital gain of $2,000 on some investments. Silja takes the standard deduction in 2023. Compute Silja’s NOL carryforward (if any) into 2024. $fill in the blank 1 2. Using the NOL carryforward from part 1, if Silja has taxable income of $12,000 in 2024, how much NOL will she carryforward to 2025? $fill in the blank 2 1. Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her primary endeavor was her new small business that unfortunately generated an ordinary tax loss of $18,000. She had a net long-term capitalgain of $2,000 on some investments. Silja takes the standard deduction in 2023. Compute Silja's NOL carryforward (if any) into 2024.2. Using the NOL carryforward from part 1, if Silja has taxable income of $12,000 in 2024, how much NOL will she carryforward to 2025?

Approach to solving the question: For the first question, we computed Silja's net operating loss…

1. Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her primary endeavor was her new small business that unfortunately generated an ordinary tax loss of $18,000. She had a net long-term capital gain of $2,000 on some investments. Silja takes the standard deduction in 2023. Compute Silja's NOL carryforward (if any) into 2024. 2. Using the NOL carryforward from part 1, if Silja has taxable income of $12,000 in 2024, how much NOL will she carryforward to 2025?

1. Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her primary endeavor was her new small business that unfortunately generated an ordinary tax loss of $18,000. She had a net long-term capital gain of $2,000 on some investments. Silja takes the standard deduction in 2023. Compute Silja's NOL carryforward (if any) into 2024. 2. Using the NOL carryforward from part 1, if Silja has taxable income of $12,000 in 2024, how much NOL will she carryforward to 2025?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 25MCQ

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