Michelle and Mark are married and file a joint return. Michelle owns an unincorporated dental practice. Mark works pare-rime as a high school math teacher, and spends the remainder of his time caring for their daughter. During 2019, they report the following items:
|
Mark’s salary |
$18,000 |
|
Interest earned on savings account |
1,200 |
|
Interest paid on personal residence |
12,700 |
|
Itemized deductions for state and local taxes Items relating to Michelle’s dental practice |
9,400 |
|
Revenues |
65,000 |
|
Payroll and salary expense |
49,000 |
|
Supplies |
17,000 |
|
Rent |
16,400 |
|
Advertising |
4,600 |
|
Depreciation |
8,1000 |
a. What is Michelle and Mark’s taxable income or loss for the year?
b. What is Michelle and Mark’s NOL for the year?
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