Homework Answers
Ans -
The NOL amount is the amount of the loss from the current year that can be carried back to prior tax years or carried forward to future years.
2 Ans-
just as a taxpayer can take a net operating loss deduction (NOLD) in calculating regular income tax liability, under Code Sec. 56(a)(4), a taxpayer can take an alternative tax net operating loss deduction (ATNOLD) in calculating their alternative minimum taxable income (AMTI).
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OMark for follow up Question 66 of 75. The NOL year is: O The year in...
Mark for follow up Question 8 of 75. 83536 The alternative minimum tax (AMT) for corporations...
Mark for follow up Question 8 of 75. 83536 The alternative minimum tax (AMT) for corporations is: O 20%. 20% but with an exemption of $40,000. O 30%. O AMT for corporations has been repealed. OMark for follow up 83538 OMMaik lor follow up 83538 Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had $60,000 of AMT credit carried for years and available in 2018. What...
Question 67 of 75. After you have completed a return and determined that the taxpayer has an NOL from a farming...
Question 67 of 75. After you have completed a return and determined that the taxpayer has an NOL from a farming business, what is the next step for claiming an NOL? Deduct the NOL in the carryback or carryforward year. Determine the amount of the taxpayer's unused NOL. Decide either to carry the NOL back to a past year or to waive the carryback period and carry the NOL forward to a future. year Carry over the unused NOL to...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited to 80% of taxable income (determined without regard to the deduction), in losses that arvsem tax years beginning after December 31, 2017 O Beginning in tax years after December 31, 2017, taxpayers may take 100% of an NOL in the year following the loss. Taxpayers will need to make a distinction between NOLs that occurred before January 1,...
uestion 61 of 75 years before the NOL year. Generally, the entire amount of an NOL...
uestion 61 of 75 years before the NOL year. Generally, the entire amount of an NOL for a tax year ending in 2017 is carried back O Two O Three O Five O Ten Mark for follow up
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
Mark for follow up Up to Question 51 of 75. Alesha (68) and Alexander (70) are...
Mark for follow up Up to Question 51 of 75. Alesha (68) and Alexander (70) are married, live together, and file separate returns. Alesha's gross income (including one-half of her social security) for the tax year was $27,342. Choose the response that best completes this sentence of her social security benefits may be taxable. O 0% 50% 85% son
Filing and 2 O O Attaching a statement to Filing an amendment claiming the election Mark...
Filing and 2 O O Attaching a statement to Filing an amendment claiming the election Mark for follow up Question 67 of 75. When should the alternative minimum tax NOL be computed? Anytime there is an NOL and the taxpayer's AGI is greater than $150,000. Anytime a casualty or theft loss has occurred which can be carried forward three or more years. Anytime a taxpayer has any minimum tax adjustments or preference items in the loss year or in any...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had 560,000 of AMT credit carried forward from prior years and available in 2018. What is the amount of the AMT credit that can be claimed in 2018? O $35,000 O $47.500 O $60,000 $65,000 Mark for follow up Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who...
OMark for follow up Question 48 of 75. Which of the following does NOT describe a...
OMark for follow up Question 48 of 75. Which of the following does NOT describe a day of personal use? O The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. O The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
Mark for follow up Question 8 of 75. 83536 The alternative minimum tax (AMT) for corporations is: O 20%. 20% but with an exemption of $40,000. O 30%. O AMT for corporations has been repealed. OMark for follow up 83538 OMMaik lor follow up 83538 Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had $60,000 of AMT credit carried for years and available in 2018. What...
Question 67 of 75. After you have completed a return and determined that the taxpayer has an NOL from a farming business, what is the next step for claiming an NOL? Deduct the NOL in the carryback or carryforward year. Determine the amount of the taxpayer's unused NOL. Decide either to carry the NOL back to a past year or to waive the carryback period and carry the NOL forward to a future. year Carry over the unused NOL to...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited to 80% of taxable income (determined without regard to the deduction), in losses that arvsem tax years beginning after December 31, 2017 O Beginning in tax years after December 31, 2017, taxpayers may take 100% of an NOL in the year following the loss. Taxpayers will need to make a distinction between NOLs that occurred before January 1,...
uestion 61 of 75 years before the NOL year. Generally, the entire amount of an NOL for a tax year ending in 2017 is carried back O Two O Three O Five O Ten Mark for follow up
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
Mark for follow up Up to Question 51 of 75. Alesha (68) and Alexander (70) are married, live together, and file separate returns. Alesha's gross income (including one-half of her social security) for the tax year was $27,342. Choose the response that best completes this sentence of her social security benefits may be taxable. O 0% 50% 85% son
Filing and 2 O O Attaching a statement to Filing an amendment claiming the election Mark for follow up Question 67 of 75. When should the alternative minimum tax NOL be computed? Anytime there is an NOL and the taxpayer's AGI is greater than $150,000. Anytime a casualty or theft loss has occurred which can be carried forward three or more years. Anytime a taxpayer has any minimum tax adjustments or preference items in the loss year or in any...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had 560,000 of AMT credit carried forward from prior years and available in 2018. What is the amount of the AMT credit that can be claimed in 2018? O $35,000 O $47.500 O $60,000 $65,000 Mark for follow up Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who...
OMark for follow up Question 48 of 75. Which of the following does NOT describe a day of personal use? O The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. O The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
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