Answer:
Timothy has an excess business loss of $ 0. He may use $ 290,000 of his share of the $580,000 LLC business loss to offset non-business income
.
Prada has an excess business loss of $40,000. She may use $250,000 of her share of the $580,000 LLC business loss to offset non-business income
.
Any excess business loss is treated as part of the treated as part of the taxpayer's net operating loss (NOL) carry-forward.
Explanation:
1. Nonincome loss is claimed when there is no income and therefore no tax will be deducted. The is conditional on the provision of the details of income on which non-income loss is claimed.
2. Taxpayer's net operating loss (NOL) carry-forward is relevant here because it is often used to offset the tax payments in other tax period through the tax authority when allowable deductions is higher than taxable income.
Answer:
D. $221072.
Explanation:
In this question, we use the future value formula which is shown in the spreadsheet.
The NPER represents the time period.
Given that,
Present value = $0
Rate of interest = 5%
NPER = 25 years
PMT = 4,632
The formula is shown below:
= -FV(Rate;NPER;PMT;PV;type)
So, after solving this, the answer would be $221,071.92
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Answer: $5,500
Explanation:
The Cost of Goods available for sale is the price of the inventory and purchases that the company intends to sell.
June 1 Inventory = $1,000
June 12 Purchase = $2,400
June 23 Purchase = $2,100
Cost of goods available for sale = 1,000 + 2,400 + 2,100
= $5,500
