P is divorced with two children and files Head of Household. P owns and operates a...
P is divorced with two children and files Head of Household. P owns and operates a small photography lab, Fast Photos Corporation, an S Corporation. For 2018 P’s loss from the business was $25,000. In addition, the following information was obtained from his personal records:
Interest income $3,000
Dividend income 2,000
Mortgage interest expense 7,500
Property taxes on residence 10,000
P’s net operating loss for the year is
a. $25,000. b. $37,500. c. $27,500. d. $20,000. e. Some other amount.
Homework Answers
C. $ 27,500
The operating loss for the year of P is $ 27,500 as the property tax on Own residence will not form part of the Operating profit or loss computation of P`s Business.
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