NOL (individual income tax) - 稅務

※ [本文轉錄自 Accounting 看板]

作者: aaaaaakoyasu (quite busy) 看板: Accounting
標題: [問題] Net Operating Losses <-中文是?
時間: Sun Mar 29 16:05:01 2009

sorry, no idea if i'm in the right board...

got a question about net operating losses (NOL).



Gus, who is married and files a joint return, owns a grocery store.

In 2008, his gross sales were $276,000, and operating expenses were $320,000.

Other items on his 2008 return were as follows:

nonbusiness capital gains (short term) $20,000

nonbusiness capital losses (long term) 9,000

itemized deductions (no casualty or theft) 18,000

ordinary nonbusiness income 8,000

salary from part-time job 10,000

During the year 2006, Gus had no taxable income. In 2007, Gus had taxable

income of $22,300 computed as follows:

net business income $60,000

interest income 2,000
_________
adjusted gross income $62,000

less: itemized deductions

charitable contributions of $40,000,

limited to 50% of AGI $31,000

medical expenses of $6,550,

limited to the amount of 7.5% of AGI 1,900
________
total itemized deductions (32,900)

exemptions (2 x $3,400) (6,800)
_________
taxable income $22,300
=========

a. What is Gus's 2008 NOL?

b. Determine Gus's recomputed taxable income for 2007.

c. Determine the amount of Gus's 2008 NOL to be carried forward to 2009.



Here is my calculation:

a.

gross income $276,000

less: business expenses (320,000) ($44,000)
___________
salary from part-time job 10,000

nonbusiness short-term capital gain 11,000

ordinary nonbusiness income 8,000
__________
AGI (15,000)

less: itemized deduction (18,000)

exemptions (7,000)
__________
taxable income ($40,000)
==========

NOL:

taxable income ($40,000)

add: exemptions 7,000

excess of nonbusiness deduction

over nonbusiness income

total itemized deductions $18,000

less: nonbusiness capital gain (11,000) 7,000
__________ __________
net operating losses ($26,000)


b.

AGI $62,000

less: net operating losses (26,000)
___________
recomputed AGI 36,000

less: itemized deductions

charitable contributions $31,000

medical expenses
($6550 - $36,000 x 7.5%) 3,850
__________
total itemized deduction (34,850)

exemptions (6,800)
_____________
taxable income $0
=============


c.

AGI ($15,000)

itemized deductions (18,000)
__________
modified taxable income ($33,000)

NOL (26,000)
__________
NOL to carry forward ($59,000)
==========






truly appreciate if someone can correct me......


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