Business, 10.05.2021 16:30 peaceouthjkdrb2398
Thomas believes that he has an NOL for the current year and wants to carry it back to a previous year and receive a tax refund. In determining his NOL, Thomas offset his business income by alimony payments he made to his ex-wife, contributions he made to his traditional Individual Retirement Account (IRA), and moving expenses he incurred. His reason for using these items in the NOL computation is that each item is a deduction for AGI.
Required:
Identify the relevant tax issues for Thomas
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Thomas believes that he has an NOL for the current year and wants to carry it back to a previous yea...
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