During 2020, Devonte had the following deductions and adjustments to income: Schedule C (Form 1040) expenses of $18,000, standard deduction of $12,400, HSA contribution of $1,200, and ordinary loss from partnership activity of $1,800. Compute his total business deductions for NOL purposes. $18,000
During 2020, Devonte had the following deductions and adjustments to income: Schedule C (Form 1040) expenses of $18,000, standard deduction of $12,400, HSA contribution of $1,200, and ordinary loss from partnership activity of $1,800. Compute his total business deductions for NOL purposes. $18,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2020, Devonte had the following deductions and adjustments to income: Schedule C (Form 1040) expenses of $18,000, standard deduction of $12,400, HSA contribution of $1,200, and ordinary loss from partnership activity of $1,800. Compute his total business deductions for NOL purposes.
$18,000
$19,800
$21,000
$33,400
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