Ms. Suzanne Morphy is a full time architect. She is also sells vegetables on the side from a small farm she runs in her backyard. In 2018, the first year of operation, she had a loss of $43500 and deducted the maximum allowable amount. What is the amount of her farm loss carryover to future years that can be applied against future farm income?
Ms. Suzanne Morphy is a full time architect. She is also sells vegetables on the side from a small farm she runs in her backyard. In 2018, the first year of operation, she had a loss of $43500 and deducted the maximum allowable amount. What is the amount of her farm loss carryover to future years that can be applied against future farm income?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 40P
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Transcribed Image Text:Ms. Suzanne Morphy is a full time architect. She is also sells vegetables on the side from a small farm she runs in her backyard. In 2018, the first year of operation, she had a
loss of $43500 and deducted the maximum allowable amount. What is the amount of her farm loss carryover to future years that can be applied against future farm income?
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