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Determine Nell taxable income and NOL

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Problem - Assume that in addition to the information in Problems 47 and 48, Nell had the following items in 2019:

Personal casualty loss on an asset held for five years (casualty was in a Federally declared disaster area) $60,000

Interest expense on home mortgage 15,000

The casualty loss is net of the $100-per-event floor. Determine Nell's taxable income and NOL for 2019.

Reference no: EM132667491

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