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In the year of termination, a trust incurs a $20,000 NOL. In addition, it has a $30,000 NOL carryover from the two preceding tax years. The trust distributes 40% of its assets to Sam, 30% of its assets to Alex, and 30% of its assets to Catherine. How much of the NOL can Sam (who has $150,000 of gross income)deduct on his return in the year that the trust terminates?
Expanded Accounting Equation
Assets = Liabilities + Capital – Withdrawals + Revenue – Expenses.
Owner's Equity
The residual interest in the assets of an entity after deducting liabilities, representing the ownership interest of the owners.
Ledger
A comprehensive collection of a company's accounts, where transactions are recorded in detail.
Account
A report or record that maintains the details of each financial transaction a company engages in.
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