Max, a single taxpayer has a $280,000 loss from his sole proprietorship in 2022. How much of this loss is not deductible after considering the excess business loss rules? Mutiple Choice $280.000 $270,000 $10,000
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- S Mutiple Choice Max a single taxpayer has a $280,000 loss from his sole proprietorship in 2022. How much of this loss is not deductible after considering the excess business loss rules? $280.000 $270,000 $10,000 None of the choices are confect save & ExtReview Examples 50 and 52 (Section 1231 Computations) in the text. In both examples, the taxpayer's AGI is $129,400 even though in Example 52 there is $700 of nonrecaptured § 1231 loss from 2018. As part of the § 1231 lookback provision any net gain is______(either added to or offset against) any ______(either, nonrecaptured net § 1231 losses or recaptured net § 1231 losses) from the______ (either two three or five) prior tax years. Therefore, the $700 from 2018 results in part of the 2019 net § 1231 gain to be treated as_______(either a capital gain a nontaxable gain or ordinary income) Please fill in the blanks?2. The following data summarize the dealings in capital assets of an individual taxpayer. 000,001 45 000,00$ 9.6 (000.0084) er the Net income 20200 bp 2021 P 90,000 P120,000 10 Short term capital gainsberi-S35,000 b 0 60,000 Long term capital gains 0,000,29 40,000 ist 25,000 Short term capital loss 01691,01h0 say sond) 000,000 60,000 250,000 tol on 000,00 or Long term capital loss 80,000 20,000
- In 2023, 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 $45,000. If an amount is zero, enter "0." Question Content Area a. Calculate the amount of Michael's deduction for capital losses for 2023.fill in the blank 1 of 1$ Feedback Area Feedback If a taxpayer has a net capital gain (net long-term capital gain in excess of net short-term capital loss), the gain is subject to a preferential tax rate. Thus, a taxpayer has to net all of the long-term and short-term capital transactions that take place during a year to calculate the tax liability. The computation of an individual taxpayer's net capital loss is accomplished in a manner similar to the computation of a net capital gain. A net capital loss is incurred when the total capital losses for the period exceed the total capital gains for the period. However, there is a limitation regarding the amount of net capital losses a…IpQLSemRocZTySC10mxn3WNrCDDNEqZOcNLOvBFeteSg98lhAYbXw/formResponse . Taxpayer incurred the following for the taxable period: Supplies purchased P80,000 Supplies used 20,000 Unpaid salaries 50.000 Amortization of interest expense 10,000 Under cash basis, how much is the total deductible expense? O P20,000 O P30,000 O P80,000 P90,000 2points 16.2021 Mr. Pacifico obtained a 4-year business loan from aalculate his taxable income for the year. Assume that Blake has a non-capital loss carryforward from last year of $5,000. Problem 4 ITA: 3, 111 The following information has been provided by your client, Mr. Stanley Norman: Employment income Property income (loss) Capital gains (CG) Capital losses (CL) (excluding BIL). Business investment loss (BIL) 2020 2021 $75,000 2022 $80,000 $ 90,000 (4,000) 3,000 (6,000) 144,000 160,000 18,000 22,500 80,000 36,000 54,000 Additional Information (1) The above capital gains do not include capital gains from qualified farm property or qualified small business corporation shares. (2) Mr. Norman had a $21,000 net capital loss which was realized in 2017. (3) Mr. Norman did not have a capital gain prior to 2020. Dealing with each item line-by-line across the years, rather than one year at a time: (A) determine Mr. Norman's income from the sources indicated for 2020 to 2022 according to the ordering rules in section 3, and (B) determine Mr. Norman's…
- net operating loss carryovers or carrybacks). $ (90,000) (40,000) 70,000 170,000 (235,000) 320,000. 2017 2018 2019 2020 2021 2022 Required: a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required B Required A What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? 2022 taxable income after the NOL deduction4G . 10:11 O O 01:58:30 Remaining Multiple Choice In 2021, V earned P880,000 compensation income but incurred P420,000 net loss in her business. What is her taxable income assuming she incurred personal expenses of P360,000. P20,000 P460,000 P520,000 P880,000 9 of 60Max, a single taxpayer, has a $270,000 loss from his sole proprietorship in 2021. How much of this loss is not deductible after considering the excess business loss rules? Multiple Choice A. $270,000 B. $262,000 C. $8,000 D. $0 None of the choices are correct
- e/1FAlpQLSemRocZlysC1 Omxn3WN DNEqZ0cNLOvBFeteSg98lhAYbXw/formResponse O 2,400,000 Vergo Company acquired a motor vehicle for P1,000,000 for the use of one of its on-call employees. Compute the monetary value of fringe benefits subject to tax. * O 1,000,000 500,000 O 200,000 O 100,000 O ZeroQUESTION 1 Taxpayer successfully completes a 1231 exchange. The property given up had basis of $1,000. The taxpayer received a replacement property with fair malket value of $10,000 Taxpayer also received $1,000 of cash in the transaction. What is the gain recognized, if any, on this transaction? O $10,000 O $9,000 O $1,000 O s0 QUESTION 2 Taxpayer purchases tangible personal property for $10,000. This is the only property purchased and placed in service by the taxpayer. Before depreciation deductions are calculated, taxpayer has taxable income of $7,000. what amount of Sec. 179 could this taxpayer elect to recognize? O s0 O $3.000 O 37.000 O $10,000 I Proctorio is sharing your screen Stop sharing Hide P Type here to searchGpu.4 in 2022 mrs. white has taxable capital gains of 21,750 rental income of 5720 pays spousal support of 15000 employment income of 80200 after claiming an RRP deduction of 4000. her employer reports a 2022 PAof 8000. at the end of 2022 mrs. white has unused RRSP deduction room of 14200. in addition at the end of 2022 she has undeducted RRSP contributions of 7350. in 2023 she makes additional contribution to her RRSP of 11250. What is mrs. White's maximum RRSP deduction for 2023?
