Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2022, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses for 2022. 3,000 ✓ Feedback Check My Work b. Calculate the amount and nature of his capital loss carryforward. X Long-term capital loss carryforward 0 ✓ Short-term capital loss carryforward

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Q- 5,6

X Your answer is incorrect. William, who is single, has the following items for the current year: Wages Rental loss Interest income Capital gains NOL carryforward from 2017 Mortgage interest expense Real estate taxes State income taxes What is William's net operating loss for the current year? Loss tA $54,500 ($76,500) $1,750 $2,550 ($13,500) $12,500 $6,000 $3,500 $ 53200

Problem 4-6 Calculation of Gain or Loss and Net Capital Losses (LO 4.4, 4.5) In 2021, Michael has net short-term capital losses of $1,700, a net long-term capital loss of $17,000, and other ordinary taxable income of $45,000. If an amount is zero, enter "0". a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2021. 3,000 Feedback b. Calculate the amount and nature of his capital loss carryforward. $1 43,300 x Long-term capital loss carryforward o v Short-term capital loss carryforward Feedback c. For how long may Michael carry forward any long-term unused loss? Indefinitely

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Required information [The following information applies to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $300,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self- employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA. Maximum contribution $ 58,000

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