Linda had the following income and deductions listed on her 2021 individual income tax return. Wages
Posted: Thu May 19, 2022 12:26 pm
Linda had the following income and deductions listed on her 2021
individual income tax return.
Wages
$18,000
Business income
$47,000
Interest income on personal investments
$4,000
Less business expenses
$79,000
Less nonbusiness deductions
$5,000
Loss shown on tax return
($15,000)
Compute the amount of Linda's 2021 net operating loss. Show all
of your work.
individual income tax return.
Wages
$18,000
Business income
$47,000
Interest income on personal investments
$4,000
Less business expenses
$79,000
Less nonbusiness deductions
$5,000
Loss shown on tax return
($15,000)
Compute the amount of Linda's 2021 net operating loss. Show all
of your work.