Ruth,age 66,sustains a Net Operating Loss (NOL)of $15,000 for 2016

question 14

Essay

Ruth,age 66,sustains a net operating loss (NOL)of $15,000 for 2016.Because Ruth had no taxable income in 2014,the loss is carried back to 2015.For 2015,the joint income tax return of Ruth and her husband was as follows:
Salary
$20,000
Interest income
5,000
Net short-term capital loss
(2,000)
AGI
$23,000
Itemized deductions
Charitable contributions
$4,000
Medical expenses [$2,575 - ($23,000 × 10%)]
275
Interest
5,000
Taxes
2,500
(11,775)
Personal exemptions (2 × $4,000)
(8,000)
Taxable income
$ 3,225
Calculate Ruth's remaining 2016 NOL to be carried to 2017.

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Definitions:

Immediate Predecessors

Activities or tasks that must be completed directly before a subsequent activity or task can begin, in a project or process sequence.

Critical Path

The longest sequence of tasks in a project, which determines the shortest possible duration to complete the project.

Slack

The amount of time a task in a project can be delayed without causing a delay to subsequent tasks or the project finish date.

Activity Duration

The total time taken from the start to the completion of an activity or task within a project.