Ralph is single and reports the following items for 2023: Nonbusiness capital gains Nonbusiness capital losses Interest income $ 9,000 (3,000) 6,000 Itemized deductions (none of the amount resulted from a casualty loss) (10,000) In calculating Ralph's net operating loss and with respect to these amounts only, what amount must be added back to taxable income (loss)? $0 $1,850 $2,000 $3,000
Ralph is single and reports the following items for 2023: Nonbusiness capital gains Nonbusiness capital losses Interest income $ 9,000 (3,000) 6,000 Itemized deductions (none of the amount resulted from a casualty loss) (10,000) In calculating Ralph's net operating loss and with respect to these amounts only, what amount must be added back to taxable income (loss)? $0 $1,850 $2,000 $3,000
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 30CE
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Transcribed Image Text:Ralph is single and reports the following items for 2023:
Nonbusiness capital gains
Nonbusiness capital losses
Interest income
$ 9,000
(3,000)
6,000
Itemized deductions (none of the amount resulted from a casualty loss)
(10,000)
In calculating Ralph's net operating loss and with respect to these amounts only, what amount must be added back to
taxable income (loss)?
$0
$1,850
$2,000
$3,000
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