Problem 4-16 Net Operating Losses (LO 4.9) Tyler, a single taxpayer, generates business income of $3.000 in 2019. In 2020, he generates an NOL of $5,000. In 2021, he generates business income of $1.000. In 2022, his business generates income of $1,100. What is Tyler's NOL carryforward into 2023, if any? Under the temporary COVID provisions, Tyler can carryforward ▾ 2,000 of his 2020 loss to 2019 leaving an NOL balance of s into 2022. His NOL use is limited to to carryforward of his 2022 income or s into 2021. His use of the NOL in 2021 is limited to ( This leaves NOL balance of s of his 2021 income or into 2023. the NOL in 2021 leaving an NOL balance of s to .He uses

Exercise 3-24 (Algorithmic) (LO. 7) In 2023, Jack, age 12, has interest income of $7,500 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $88,150 and file a joint return. Assume that no parental election is made. Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is X. Jack's allocable parental tax is 1x . Jack's total tax is

Required information Problem 8-63 (LO 8-1) (LO 8-3) (Algo) [The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2023, his taxable income is $540,000. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. Problem 8-63 Part d (Algo) d. Henrich has $200,000 of taxable income, which includes $52,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $220,000. Income tax Net investment income tax Total tax liability Amount

Problem 12-21 (c) (LO. 2) Sigfrid has a tentative general business credit of $78,000 for the current year. His net regular tax liability before the general business credit is $162,000, and his tentative minimum tax is $29,000. Complete the statements below that outline Sigfrid's limitation on the general business credit. Sigfrid's general business credit is limited to his net income tax reduced by the greater  of his tentative minimum tax or 25% of the net regular tax liability that exceeds $25000. Therefore, Sigfrid's allowable general business credit for the year is $_____________

C 2

3

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

Problem 14-70 (b) (LO. 8) Domingo has the following net § 1231 results for each of the years shown: Tax Net § 1231 Net § 1231 Year Loss Gain 2015 $13,000 2016 $34,000 2017 $59,000 2018 $45,000 2019 $10,000 2020 $42,000 What would be the nature of the net gains in 2018, 2019, and 2020? If an amount is zero, enter "0". Amount Amount Total Treated as Treated as Net § 1231 Ordinary Long-Term Gain Income Capital Gain 2018 $45,000 $ 2019 $10,000 $ 2020 $42,000 $ %24 %24

Problem 4-11 (Algorithmic) Passive Loss Limitations (LO 4.8) Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993. He also acquired a rental house in 2021, which he actively manages. During 2021, Walter's share of the partnership's losses was $28,000, and his rental house generated $26,000 in losses. Walter's modified adjusted gross income before passive losses is $133,500. If an amount is zero, enter "0". a. Calculate the amount of Walter's allowable loss for rental house activities for 2021. 58,500 x Feedback b. Calculate the amount of Walter's allowable loss for the partnership activities for 2021. Feedback V Check My Work Correct c. What may be done with the unused losses, if anything? The unused losses may be carried forward to future tax years indefinitely, to reduce passive income in those years.