b. Assuming R carries the l88s Uack lUT 2014 be filed? 10-22 Net Operating Loss

Question

b. Assuming R carries the l88s Uack lUT 2014 be filed? 10-22 Net Operating Loss Computation. V, married with two dependents, owns a hardware store. For the current year, her records reveal the following: $180,000 230,000 6,000 9,000 5,000 3,000 3,500 Gross income from business Royalties from investment. Nonbusiness expenses Long-term capital gain (nonbusiness)... Long-term capital loss (business) What is V's net operating loss? 0-23 Valuing Inventories. Chapters Inc., a large publishing house, prints a variety of titles,

Explanation / Answer

Gross income from business = 180000

Business operating expenses = 230000

V's net operating loss = 230000 - 180000 = 50000

Royalties from investment is non operating gain and Long term capital loss (Business) is also non operating in nature.

Non business expenses and Long term capital gain (non business) is not taken for calculating net operating loss of business.

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