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Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April 1. ClockCo reports a $70,000 NOL for the entire tax year, but only $10,000 of the loss occurs during January-March. Assume 365 days in a year. Round per day computations to five decimal places. Round final answers to the nearest dollar. Without a short-year election, how much of the loss is allocated to Noelle and how much is allocated to Grayson? Noelle's loss allocation: $ 17,452.0547 x Grayson's loss allocation: $ 17,500 x If the corporation makes the short-year election, how much of the loss is allocated to Grayson? $ 60,000

Respuesta :

A company reports a net operating loss when its expenses are higher than its revenues. Net loss is another name for net operating loss. The final line of the income statement shows the net operating loss.

Particulars: A $70,000 net operating loss (A) number of days (B) 91 total days (C)

How is net operating loss calculated?

The net operating loss is calculated by subtracting itemized deductions from adjusted gross income on a business expense sheet. Net operating losses occur when the outcome is negative.

When you have a net operating loss, what happens?

A person's net operating loss is the difference between their gross income and the deductions taken by the taxpayer, adjusted as follows: An NOL carryback or carryover from a previous tax year does not qualify for the NOL deduction. The amount of capital gains can only be deducted from both business and non-business capital losses.

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