sorry, no idea if i'm in the right board... got a question about net operating losses (NOL). Gus, who is married and files a joint return, owns a grocery store. In 2008, his gross sales were $276,000, and operating expenses were $320,000. Other items on his 2008 return were as follows: nonbusiness capital gains (short term) $20,000 nonbusiness capital losses (long term) 9,000 itemized deductions (no casualty or theft) 18,000 ordinary nonbusiness income 8,000 salary from part-time job 10,000 During the year 2006, Gus had no taxable income. In 2007, Gus had taxable income of $22,300 computed as follows: net business income $60,000 interest income 2,000 _________ adjusted gross income $62,000 less: itemized deductions charitable contributions of $40,000, limited to 50% of AGI $31,000 medical expenses of $6,550, limited to the amount of 7.5% of AGI 1,900 ________ total itemized deductions (32,900) exemptions (2 x $3,400) (6,800) _________ taxable income $22,300 ========= a. What is Gus's 2008 NOL? b. Determine Gus's recomputed taxable income for 2007. c. Determine the amount of Gus's 2008 NOL to be carried forward to 2009. Here is my calculation: a. gross income $276,000 less: business expenses (320,000) ($44,000) ___________ salary from part-time job 10,000 nonbusiness short-term capital gain 11,000 ordinary nonbusiness income 8,000 __________ AGI (15,000) less: itemized deduction (18,000) exemptions (7,000) __________ taxable income ($40,000) ========== NOL: taxable income ($40,000) add: exemptions 7,000 excess of nonbusiness deduction over nonbusiness income total itemized deductions $18,000 less: nonbusiness capital gain (11,000) 7,000 __________ __________ net operating losses ($26,000) ========== b. AGI $62,000 less: net operating losses (26,000) ___________ recomputed AGI 36,000 less: itemized deductions charitable contributions $31,000 medical expenses ($6550 - $36,000 x 7.5%) 3,850 __________ total itemized deduction (34,850) exemptions (6,800) _____________ taxable income $0 ============= c. AGI ($15,000) itemized deductions (18,000) __________ modified taxable income ($33,000) NOL (26,000) __________ NOL to carry forward ($59,000) ========== truly appreciate if someone can correct me...... --

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