In 2015, Carl had a negative amount of ($38,721) reported on line 41 of his Form

Q: In 2015, Carl had a negative amount of ($38,721) reported on line 41 of his Form

Carl’s Income = ($38,721) Less: Original Deductions= [22666-($7041+$3286+$4050)] =$8289 Reduced by disallowed items = [$674+$2361+$4006+] =$7041 Standard Deduction- Non Business Income =$6300-$3014 = $3286 Deduction for personal exemption= 4050 $38721-$8289= $30432 approx.

ID: 2602628 • Letter: I

Question

In 2015, Carl had a negative amount of ($38,721) reported on line 41 of his Form 1040. His total nonbusiness income reported on his 2015 Form 1040 is $3,014. His 2015 adjustments and deductions include: State tax withheld on salary of $2,934 Employee business expenses of $781 Personal property taxes of $674 Real estate tax of $2,361 Mortgage interest of $4,006 Alimony paid of $2,307 Casualty loss of $1,731 Using Form 1045, Schedule A, compute Carl's 2015 NOL.

A. ($26,941)

B. ($29,875)

C. ($30,656)

D. ($32,387)

Explanation / Answer

Carl’s Income = ($38,721)

Less:

Original Deductions= [22666-($7041+$3286+$4050)] =$8289

Reduced by disallowed items

= [$674+$2361+$4006+] =$7041

Standard Deduction- Non Business Income

=$6300-$3014 = $3286

Deduction for personal exemption= 4050

$38721-$8289= $30432 approx.

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In 2015, Carl had a negative amount of ($38,721) reported on line 41 of his Form

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