In 2018, Keri Has Wages of $20,000, a Schedule C

question 55

Essay

In 2018, Keri has wages of $20,000, a Schedule C business loss of $30,000, and nonbusiness capital gains of $4,000.She deducts the standard deduction of $12,000 for a taxable loss of $18,000.Compute Keri's NOL to carry forward to 2018.

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Definitions:

American Rule

A legal principle that each party in a lawsuit pays its own attorney's fees, unlike the "English Rule" where the losing party pays.

Puerto Rico

An island and unincorporated territory of the United States located in the northeastern Caribbean Sea, known for its rich culture and history.

Cuba

An island nation in the Caribbean known for its significant role in Cold War politics, rich cultural heritage, and complex history with the United States.

Philippines

An archipelagic country in Southeast Asia, consisting of more than 7,000 islands, known for its diverse culture and history as a former Spanish then American colony.