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What is Jenny's tax loss for the income year? $17,000 $20,000 $11,000 Nil $14,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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Jenny, a resident, had assessable income of $50,000, deductions of $70,000, net exempt income of $6,000 and non-assessable non-exempt income of $3,000 during the income year.

What is Jenny's tax loss for the income year?

		$17,000
		$20,000
		$11,000
		Nil
		$14,000

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