How much is the smiths net operating loss carryforward, Accounting Basics

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How much is the smiths net operating loss carryforward

Question: Mr. and Mrs. Smith, married filing jointly, both materially participate in a business that generates a $600,000 net operating loss in the current year. The Smiths' basis in the business is $585,000 and their only other income is their $550,000 total salaries in the current year. How much is the Smiths' net operating loss (NOL) carryforward to next year? Group of answer choices $50,000. $22,000. $15,000. $0.

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Accounting Basics: How much is the smiths net operating loss carryforward

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