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Identify the relevant tax issues for Thomas

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Reference no: EM132667301

Problem - Thomas believes that he has an NOL for the current year and plans to carry it forward, offsetting it against future income. In determining his NOL, Thomas offset his business income by alimony payments he made to his ex-wife and contributions he made to his traditional Individual Retirement Account (IRA). His reason for using these items in the NOL computation is that each item is a deduction for AGI. Identify the relevant tax issues for Thomas.

Reference no: EM132667301

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