What is the amount of Kelly's NOL?
Net loss from business sales of $ less expense of $ Salary from parttime employment
Interest income from savings
Net loss from rental of property this is business loss
Net longterm capital gain from sale of business property
Net shortterm captial loss stock sale
Standard deduction The answer is and use the example below.
Net Operating Losses Example
Income consists of business loss of $
interest income of $ and dividend income of
$
Itemized deductions are mortgage interest of
$ taxes of $ and deductible casualty
loss of $ Taxable Income calculation:
AGI
Itemized deduction
Taxable Income
Taxable Income
No NOL or capital transactions
Nonbusiness deductions in excess of nonbusiness
income:
Net Operating Loss
