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What is the amount of Kelly's 2023 NOL? Net loss from business...

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Accounting

What is the amount of Kelly's 2023 NOL?
Net loss from business (sales of $90,000 less expense of $120,000)(30,000) Salary from part-time employment 10,000
Interest income from savings 3,000
Net loss from rental of property (5,000)- this is business loss
Net long-term capital gain from sale of business property 7,000
Net short-term captial loss - stock sale (4,000)
Standard deduction 13,850. The answer is 18,000 and use the example below.
Net Operating Losses Example
Income consists of business loss of $24,000,
interest income of $700 and dividend income of
$400.
Itemized deductions are mortgage interest of
$16,000, taxes of $4,000 and deductible casualty
loss of $1,000. Taxable Income calculation:
AGI (700+40024,000)
-22,900
Itemized deduction
(16,000+4,000+1,000)
-21,000
Taxable Income
-43,900 Taxable Income
-43,900
No NOL or capital transactions
Nonbusiness deductions in excess of nonbusiness
income:
(16,000+4,0001,100)
+18,900
Net Operating Loss
-25,000

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