30a) X is single. The following amounts were reported on her 2020 income tax return: Wages $40,000, net loss from a sole proprietorship ($70,000), net long-term capital gains from selling stock $10,000, dividend income $5,000, interest income $4,000, itemized deductions as follows: interest to purchase her home ($20,000), state income tax ($8,000), and medical expenses ($15,000). X also had a net loss of ($30,000) from selling 1244 stock. Taxable income shown on the return was a negative ($84,000). Not included in taxable income was $1,000 of tax-exempt interest income. Using this information, you are to calculate X's net operating loss. Group of answer choices NOL = ($60,000) NOL = ($41,000) NOL = ($84,000) The correct answer is not shown NOL = ($30,000)
30b) X is self-employed and paid $1,000 for round trip airfare from San Jose to New York. The trip was taken primarily for business. On the trip, X spent 8 days on business and spent the last 2 days on personal matters. Given this information, how much, if any, of the airfare may X deduct? Group of answer choices $1,000 $800 The correct answer is not shown $0 $500
30c) When using the simplified method to claim a deduction for a business office in the home, what happens to the property taxes related to the business office? Group of answer choices The portion of the taxes would be allocated to the office and added to the office expenses in arriving at the deduction for the office The taxes would no longer be deductible The correct answer is not shown The full amount of taxes may be claimed as an itemized deduction The simplified method automatically incorporates the property taxes into the simplified method rate