Phillis and Trey are married and file a joint tax return. For 2018, they have $4,800 of nonbusiness capital gains, $2,300 of nonbusiness capital losses, $500 of interest income, and no itemized deductions. The standard deduction for married filing jointly is $24,000. Based on these transactions, to arrive at the NOL, Phillis and Trey's taxable income must be adjusted by $ _______.

1 answer
Question:

Phillis and Trey are married and file a joint tax return. For 2018, they have $4,800 of nonbusiness capital gains, $2,300 of nonbusiness capital losses, $500 of interest income, and no itemized deductions. The standard deduction for married filing jointly is $24,000. Based on these transactions, to arrive at the NOL, Phillis and Trey's taxable income must be adjusted by $ _______.

Answers

Answer:$21,000Explanation:NOL, Phillis and Trey's taxable income must be adjusted by:= Standard deduction - (Interest income + Net non business capital gain)= $24,000 - [$500 + ($4,800 - $2,300)]= $24,000 - ($500 + $2,500)= $24,000 - $3,000= $21,000Therefore, the NOL, Phillis and Trey's taxable income must be adjusted by $21,000.

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