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******* Of course, here's another question with different values: Business (sole...

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Accounting

*******
Of course, here's another question with different values:
Business (sole proprietorship) net loss: ($65,000)
Prior Year NOL carryforward available: $20,000
Wages: $42,000
Interest and Dividend Income: $1,000
Itemized Deductions: $18,000
Allowable deduction for self-employment tax: $5,200
Calculate:
The amount of the NOL that can be deducted in the current year.
AGI (Adjusted Gross Income)
Taxable Income
Total Tax Liability

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