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Solution: Taxable income Plus: Nonbusiness deductions: Itemized deductions Minus: Casualty loss Minus: Nonbusiness income: Interest income Plus:
Solution: Taxable income Plus: Nonbusiness deductions: Itemized deductions Minus: Casualty loss Minus: Nonbusiness income: Interest income Plus: Excess of nonbusiness deductions over nonbusiness income Plus: Personal exemption Net operating loss p. I:8-31; Example I:8-41. Barbara, a single individual, reports the following taxable items in 2007: Gross income from business Minus: Business expenses Interest income AGI Greater of: Itemized deductions: Interest expense State Income Taxes Casualty Total itemized deductions Minus: Personal exemption Taxable income What is Barbara"s NOL for the year? I:8-95. What types of factors would indicate that property had been abandoned? Solution: 1. Worthlessness 2. Not worth placing into a serviceable condition 3. If depreciable property, taxpayer must physically abandon property. P. I:8-3. I:8-96. What must an individual taxpayer prove to receive a worthless security deduction? Solution: 1. Security is completely worthless 2. Security became