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Problem - Net Operating Loss
a. What types of adjustments must be made in order to convert negative taxable income into an NOL?
b. Carlos (single) reports on his 2019 tax return negative taxable income of $38,400. Included in this amount is business income of $70,000 and business deductions of $98,000. Carlos took the standard deduction. Compute Carlos's 2019 NOL assuming that no other adjustments are necessary.
c. What would be the amount of the NOL if, in Part b., Carlos's gross income included net non-business long-term capital gains of $10,000 and business income of $60,000?
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The Patchwork Corporation manufactures sweaters for sale to athletic-wear retailers. The following information was available on Patchwork for the years ended December 31, 2013, and 2014:
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At the end of the current year, the accounts receivable account has a debit balance of $650,000, and net sales for the year total $5,500,000.
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