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1.Jack Jones, age 35, is single and has no dependents. At the beginning of 2009, Jack started his own excavation business and operated the business as a sole-proprietor.
During all of 2009, Jack had the following items in connection with his business:
Gross income from customers $612,000
Building rental expenses $ 45,000
Office expenses 2,500
Utilities 4,000
Secretarial salary 34,000
Salaries, equipment operators 42,000
Payroll taxes 7,000
Equipment operating costs 21,000
Additionally:
Purchased a new front-end loader on
January 15, 09 for $260,000.
Purchased a new dump truck on
January 18, 09 for $50,000
During 2009, Jack had the following additional items:
Interest income $10,000
Dividend income from Exxon 9,500
On October 8, 2009, Jack inherited IBM stock from his aunt Mildred. According to the data provided by the executor of her estate, the stock was valued for estate purposes at $110,000. Mildred had purchased the stock 9 months before death for $95,000. Jack sells the stock on December 1, 2009 at a selling price of $115,000.
On October 10, 2009, Jack purchased and placed in service a new Toyota auto (100% business use). The vehicle’s weight was 4,500 pounds and cost him $45,000. Jack did not elect bonus depreciation available to him as a result of the auto purchase.
REQUIRED:
1.Compute Jack’s 2009 adjusted gross income, assuming that he selected the front-end loader as the Sec 179 expensing election item. Also assume that he did not elect out of the bonus depreciation available to him on qualifying acquisitions, other than the auto.
(Assume 7 year life on depreciable assets.)
2.Net Operating Losses
Assume the following facts:
2005 taxable income (modified) $19,000
2006 net operating loss ($24,000)
2007 taxable income (modified) $24,000
2008 taxable income (modified) $36,000
2009 net operating loss ($30,000)
2010 net operating loss ($34,000)
Also assume:
1) That the taxpayer has consistently elected to carryback the net operating losses as incurred and elected the "two-year" carryback provision.
2) There was no taxable income in tax years prior to 2005.
Required:
a) To what years can the 2006,2009 and 2010 net operating losses be carried back? (show amount of carryback and years involved)
b) After applying the net operating losses for 2006, 2009 and 2010 to prior years ( if and where permitted), what amount, if any, is available as a net operating loss to be carried forward to future years?
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