Homework Answers
- The correct answer is Option #1: TWO YEARS.
- You must carryback the entire amount of the NOL to the 2 tax years before the NOL year (the carryback period) if you have an NOL for a tax year ending in 2017.
- The remaining NOL is carried forward for upto 20 years after the NOL year.
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uestion 61 of 75 years before the NOL year. Generally, the entire amount of an NOL...
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,...
OMark for follow up Question 66 of 75. The NOL year is: O The year in...
OMark for follow up Question 66 of 75. The NOL year is: O The year in which the NOL is used up. O The year to which the NOL is carried. O The year in which the NOL occurred. O The tirst carryback year. Mark for follor up Question 67 of 75. How is an alternative tax net operating loss deduction (ATNOLD) d O By using regular taxable income. By using regular taxable income reduced by AMT income. By using...
MIKRO Romow up Question 50 of 75. Generally, if the owner of an IRA dies before...
MIKRO Romow up Question 50 of 75. Generally, if the owner of an IRA dies before beginning required minimum distributions, the designated hereticiary must: Take the entire amount in lump-sum in the year after the year of death. Take the required minimum distributions for the years after the year of death Take the entire amount within five years after the year of death Begin to take the required minimum distributions when the beneficiary turns 70% Mark for follow up estion...
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...
in 2018 marilyn had total nonbusiness income of $1,250. her 2018 adjustments and deductio As an...
in
2018 marilyn had total nonbusiness income of $1,250. her 2018
adjustments and deductio
As an du For the carryover or carryforward year Mark for follow up Question 61 of 75. Partnership and S corporation returns can: Carry their NOLS back ten years. No cury VOLS back or forward wave a chce of carrying their NOLS forward two, ten, or twenty years. O Carry forward their NOLS 15 years. O Mark for follow up Question 62 of 75. In 2018,...
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...
uestion 24 of 75. hich of the following statements regarding the installment sale of an entire...
uestion 24 of 75. hich of the following statements regarding the installment sale of an entire business is FALSE? The sale price and xpense of sale of an entire business must be allocated because: Real and personal property can be reported on the installment method but inventory cannot. Any depreciation recapture income from the sale of depreciable property cannot be reported on the installment method. Assets sold at a loss cannot be reported using the installment method. Intangible property cannot...
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...
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 23 of 75. How is the installment sale of an entire business reported on the...
Question 23 of 75. How is the installment sale of an entire business reported on the tax return? One Form 6252 reports the entire disposition. O Separate Forms 6252 are completed for each asset. O One Form 625 O Separate Forms 6252 are completed for each asset class and type. 2 is completed for the tangible assets, and another is completed for intangible assets. Mark for follow up L ue uplele fo éach asset class and type. □Mark for follow...
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,...
OMark for follow up Question 66 of 75. The NOL year is: O The year in which the NOL is used up. O The year to which the NOL is carried. O The year in which the NOL occurred. O The tirst carryback year. Mark for follor up Question 67 of 75. How is an alternative tax net operating loss deduction (ATNOLD) d O By using regular taxable income. By using regular taxable income reduced by AMT income. By using...
MIKRO Romow up Question 50 of 75. Generally, if the owner of an IRA dies before beginning required minimum distributions, the designated hereticiary must: Take the entire amount in lump-sum in the year after the year of death. Take the required minimum distributions for the years after the year of death Take the entire amount within five years after the year of death Begin to take the required minimum distributions when the beneficiary turns 70% Mark for follow up estion...
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...
in
2018 marilyn had total nonbusiness income of $1,250. her 2018
adjustments and deductio
As an du For the carryover or carryforward year Mark for follow up Question 61 of 75. Partnership and S corporation returns can: Carry their NOLS back ten years. No cury VOLS back or forward wave a chce of carrying their NOLS forward two, ten, or twenty years. O Carry forward their NOLS 15 years. O Mark for follow up Question 62 of 75. In 2018,...
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...
uestion 24 of 75. hich of the following statements regarding the installment sale of an entire business is FALSE? The sale price and xpense of sale of an entire business must be allocated because: Real and personal property can be reported on the installment method but inventory cannot. Any depreciation recapture income from the sale of depreciable property cannot be reported on the installment method. Assets sold at a loss cannot be reported using the installment method. Intangible property cannot...
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...
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 23 of 75. How is the installment sale of an entire business reported on the tax return? One Form 6252 reports the entire disposition. O Separate Forms 6252 are completed for each asset. O One Form 625 O Separate Forms 6252 are completed for each asset class and type. 2 is completed for the tangible assets, and another is completed for intangible assets. Mark for follow up L ue uplele fo éach asset class and type. □Mark for follow...
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